Look at any
state or city run by Democrats for decades and you’ll find a city filled with
blight and red ink.
Michigan Governor Rick Snyder on
Thursday announced a state takeover of Detroit's finances and appointed as
manager a corporate bankruptcy expert who took a can-do attitude toward turning
around the destitute city, calling it the "Olympics of
restructuring."
Kevyn Orr, an attorney who worked on
the restructuring of Michigan-based automaker Chrysler, said as the city's
emergency financial manager he hoped to avoid a bankruptcy filing by Detroit,
something that would rank as the biggest municipal bankruptcy in U.S. history.
"Let's get at it and work
together because we can resolve this, people of good faith. Don't make me go to
bankruptcy court," Orr told a news conference, where he was introduced by
Snyder and flanked by Detroit Mayor Dave Bing.
Snyder's move amounts to the biggest
state takeover of an American city in over two decades. Orr, who was officially
approved by a committee of state officials on Thursday, is expected to assume
financial management of Detroit on March 25.
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