Detroit, in financial trouble, gets emergency manager

Michigan Gov. Rick Snyder on Thursday tapped a leading bankruptcy lawyer to run the cash-strapped city of Detroit, a last-ditch effort to turn around the city's long-standing financial problems short of bankruptcy. The naming of Kevyn Orr as the city's emergency manger will give him many of the same powers as a bankruptcy judge. He can throw out contracts with public employee unions and vendors that the city can't afford, and he can make further cutbacks in already depleted city services if he decides they city can't afford them. Read the rest at http://money.cnn.com/2013/03/14/news/economy/detroit-emergency-manager/