Detroit bankruptcy: State takeover begins as Gov. Rick Snyder taps city manager


Detroit_GM_headquarters“Michigan Gov. Rick Snyder plans to put a state manager in charge of ending Detroit’s fiscal crisis, stripping power from officials of a withered city that in 1940 was the nation’s fourth biggest and a seat of industry.

Snyder, 54, took a step he avoided a year ago, empowering an emergency financial manager who can sweep aside union contracts, sell municipal assets, restructure services and reorder finances. He announced the move Friday at a public meeting in Detroit… Read the full article here>>

Source : Newsday

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