Bankrupt Detroit to become a ward of the state

WASHINGTON, February 28, 2013 ― Michigan Governor Rick Snyder will announce tomorrow (Friday) whether the state is taking over the city of Detroit, Michigan’s largest city. A state review team led by treasurer Andy Dillon concluded last week that Detroit is on the verge of financial collapse and recommended a takeover, which would allow Snyder to appoint an emergency manager to take control of the city’s spending. Detroit, which was once a monument to American ingenuity and success, lies half-empty and financially destitute. According to the review team, it is saddled with more than $14 billion in long-term debt and expectations of an additional $100 million deficit this year. Read more: http://communities.washingtontimes.com/neighborhood/politics-blue-collar/2013/feb/28/detroit-become-ward-state/#ixzz2MoLNYYkR