Where does this guy get away with extending the bankruptcy into the future? Snyder is taking the emergency management far beyond bankruptcy.
Snyder is amazing, first he bankrupts the city, THEN, he wants to look at the NYC recovery. NYC had a federal bailout. What is this already?
Originally Published: August 07, 2013 11:06 AM
Modified: August 08, 2013 6:59 AM
By Dustin Walsh
...The state is looking to New York City's brush (click here) with bankruptcy in 1975, he said. That city avoided bankruptcy with the help of a state-facilitated committee of business leaders called the Municipal Assistance Corp.
Snyder has no idea what he is doing. Not only does not know what he is doing, he doesn't trust the people of Detroit with their own future. Snyder must have an amazing ego. He must be seeing wealth in his own pocket after his Governorship.
...The governor can also receive a report from that board at a time of his choosing, and if that report shows the financial conditions of the city have not improved, the governor can appoint a new emergency manager.
"People don't know that the MAC was around for 20 years and it shows how we can have oversight (post-bankruptcy)," he said. "I don't want people to think we'll be around for 20 years, but this will take place."
Snyder said the committee's makeup is unknown at this time, but will rely on economist projections of city tax revenues to help generate budgets.
Regarding Battle Creek's delayed bond sale this week - a delay that was affected by Detroit's filing - Snyder said he expects these delays to continue throughout the state and the Midwest as financial markets get a grip on the bankruptcy filing's ripple effect.
Snyder said he's pleased with the timeline U.S. Bankruptcy Judge Steven Rhodes has laid out for getting Detroit out of bankruptcy in the fall of 2014.
"The judge is moving fairly fast and it shows that if you have the right team in place and lay the right groundwork, we can get this resolved quickly," he said.
Snyder said the much-hyped review of the city's assets, including the art inside the Detroit Institute of Arts, is overblown and common practice in any bankruptcy filing....
So, let me see if I get this right. Detroit is in financial trouble and instead of asking for a bailout the city is forced to accept bankruptcy. The timeline to resolve the bankruptcy is fairly short to RETURN DEMOCRACY to the city, but, that isn't good enough. So, all the bond holders that are going to take a beating on this bankruptcy just have to be disposed of so Snyder can have his own Emerald City to play without any baggage. No obligation and an infrastructure set for profit. My, my.
CORPORATE TAKE OVER. Snyder is the ultimate insider with a strategy of a corporation. In other words, Snyder is giving Detroit the "Bain Capital Treatment."
This is exactly the problem with electing Republicans. They don't care about the people and they are greedy without any obligation to support a financial infrastructure to result in a healthy economy so much as a demolished one.
"Let's kill the beast and wonder why it doesn't breath anymore."
"Well, Golly Mah, it seemed like the right thing to do at the time."
No insight, no planning, no future, no appreciation for any culture including the financial infrastructure that has stood by Detroit all these years, just pure unadulterated greed. Me, me, me, me, me and my money.
Snyder is a control freak. He is ELIMINATING what he considers the problem and expects there to be a method of funding after he destroys his funders. Oh, wait, let's go to the federal government for a bailout when the funders are dead and rebuild the city on the sympathies of the nation. Then all the "Friends of Snyder" can apply for federal aid and completely eliminate any competition that existed before. Then INSTITUTIONALIZE the Emergency Manager to CONTROL the long term outcome to line the pockets of "Friends of Snyder."
Why does his sound like corruption to me?
Snyder is amazing, first he bankrupts the city, THEN, he wants to look at the NYC recovery. NYC had a federal bailout. What is this already?
Originally Published: August 07, 2013 11:06 AM
Modified: August 08, 2013 6:59 AM
By Dustin Walsh
...The state is looking to New York City's brush (click here) with bankruptcy in 1975, he said. That city avoided bankruptcy with the help of a state-facilitated committee of business leaders called the Municipal Assistance Corp.
Snyder has no idea what he is doing. Not only does not know what he is doing, he doesn't trust the people of Detroit with their own future. Snyder must have an amazing ego. He must be seeing wealth in his own pocket after his Governorship.
...The governor can also receive a report from that board at a time of his choosing, and if that report shows the financial conditions of the city have not improved, the governor can appoint a new emergency manager.
"People don't know that the MAC was around for 20 years and it shows how we can have oversight (post-bankruptcy)," he said. "I don't want people to think we'll be around for 20 years, but this will take place."
Snyder said the committee's makeup is unknown at this time, but will rely on economist projections of city tax revenues to help generate budgets.
Regarding Battle Creek's delayed bond sale this week - a delay that was affected by Detroit's filing - Snyder said he expects these delays to continue throughout the state and the Midwest as financial markets get a grip on the bankruptcy filing's ripple effect.
Snyder said he's pleased with the timeline U.S. Bankruptcy Judge Steven Rhodes has laid out for getting Detroit out of bankruptcy in the fall of 2014.
"The judge is moving fairly fast and it shows that if you have the right team in place and lay the right groundwork, we can get this resolved quickly," he said.
Snyder said the much-hyped review of the city's assets, including the art inside the Detroit Institute of Arts, is overblown and common practice in any bankruptcy filing....
So, let me see if I get this right. Detroit is in financial trouble and instead of asking for a bailout the city is forced to accept bankruptcy. The timeline to resolve the bankruptcy is fairly short to RETURN DEMOCRACY to the city, but, that isn't good enough. So, all the bond holders that are going to take a beating on this bankruptcy just have to be disposed of so Snyder can have his own Emerald City to play without any baggage. No obligation and an infrastructure set for profit. My, my.
CORPORATE TAKE OVER. Snyder is the ultimate insider with a strategy of a corporation. In other words, Snyder is giving Detroit the "Bain Capital Treatment."
This is exactly the problem with electing Republicans. They don't care about the people and they are greedy without any obligation to support a financial infrastructure to result in a healthy economy so much as a demolished one.
"Let's kill the beast and wonder why it doesn't breath anymore."
"Well, Golly Mah, it seemed like the right thing to do at the time."
No insight, no planning, no future, no appreciation for any culture including the financial infrastructure that has stood by Detroit all these years, just pure unadulterated greed. Me, me, me, me, me and my money.
Snyder is a control freak. He is ELIMINATING what he considers the problem and expects there to be a method of funding after he destroys his funders. Oh, wait, let's go to the federal government for a bailout when the funders are dead and rebuild the city on the sympathies of the nation. Then all the "Friends of Snyder" can apply for federal aid and completely eliminate any competition that existed before. Then INSTITUTIONALIZE the Emergency Manager to CONTROL the long term outcome to line the pockets of "Friends of Snyder."
Why does his sound like corruption to me?
