|
|
Detroit Mayor Dave Bing says he spoke by phone with Michigan Governor Rick Snyder today. He says the governor will announce his decision regarding the possible appointment of an Emergency Financial Manager for the city of Detroit on Friday.
The mayor said, “Everybody’s got a pretty good idea of what the announcement is going to be.”
http://www.wxyz.com/dpp/news/region/detroit/detroit-mayor-dave-bing-says-governor-rick-snyder-will-announce-a-state-takeover-on-friday
Usually, when the administration needs a distraction from just how broke and insolvent in reality the [...]
DETROIT (WWJ) - While Detroit Mayor Dave Bing and Interim Police Chief Chester Logan explore a restructuring of the city’s police department, some residents are expressing frustration with how their calls are being handled.
Detroiter Rachelle Guyton said she called 911 around 6:30 a.m. Saturday to report that her 2003 Chrysler Town & Country minivan had been stolen from an apartment building in Palmer Park — but it wasn’t the van she was worried about.
“I [...]
The homicide rate in the city of Detroit continued a grim upward trend in 2012, hitting its highest peak in nearly two decades, officials said Thursday.
A dwindling population — 706,585 people in 2011, according to the U.S. Census estimate — and the rise in homicides combined to make Detroit’s murder rate among the highest in the nation, Detroit Mayor Dave Bing and Police Chief Chester Logan announced at a press [...]
Even as the state Treasury prepares to begin another financial review of Detroit’s books, a plan is being solidified in the governor’s office that would guide Michigan’s largest city through what is being called a managed bankruptcy.
The working concept, still evolving, assumes that the state’s financial review would find severe financial distress in Detroit, that Mayor Dave Bing and City Council would be unable to push through overdue restructuring, and [...]
from dailybail:
Nice feature broadcast this week on CNN. Detroit Mayor Dave Bing sits in the Red Chair to discuss the past, present and future of the Motor City (Nov. 28, 2012). Three minutes.
“I have the second hardest job in the country. The most difficult part is fighting the entitlement of city employees.”
Read more here…
By Carol Cain
CBS 62
Detroit Mayor Dave Bing gave Barack Obama mixed reviews as president in his first term when asked about it during taping of “Michigan Matters.” “I don’t give grades, but it’s been mixed,” said Bing, 68, a Democrat who runs a city with an 80 percent African American population on the weekly CBS 62 show. He added Obama came in amid high expectations but some issues now dogging [...]
Detroit mayor imposes worker benefit, pay cuts
“Detroit Mayor Dave Bing said on Wednesday he has imposed 10 percent pay cuts and other contract adjustments to the city workers in an bid to save the cash-strapped city $102 million a year.
The Detroit City Council on Tuesday had rejected by a 5-4 vote Bing’s plan for the cuts. But as part of an April consent deal that gave the state of Michigan [...]
As the next step in an April deal between financially strapped Detroit and the state of Michigan, Governor Rick Snyder is finalizing a plan to tear down thousands of abandoned houses in a bid to make the city safer.
Detroit has been hard-hit over the past four decades by a steep drop in population, a steadily eroding tax base and crippling budget deficits, resulting in countless barren streets punctuated by vacant [...]
The city of Detroit will run out of cash a week from today if a lawsuit challenging the validity of a consent agreement is not withdrawn, city officials said this morning.
Jack Martin, the city’s new chief financial officer, said the city will be broke by June 15, but it should be able to make payroll for its employees. He said the city will be operating in a deficit situation if the state withholds payments on a [...]
Michael, The Economic Collapse
Once upon a time, the largest U.S. cities were the envy of the entire world. Sadly, that is no longer the case. Sure, there are areas of New York City, Boston, Washington and Los Angeles that are still absolutely beautiful but for the most part our major cities are rapidly rotting and decaying. Cities such as Detroit, Cleveland, Baltimore, Memphis, New Orleans, St. Louis and Oakland were all [...]
Detroit, whose 139 square miles contain 60 percent fewer residents than in 1950, will try to nudge them into a smaller living space by eliminating nearly half its streetlights.
As it is, 40 percent of the 88,000 streetlights are broken and the city, whose finances are to be overseen by an appointed board, can’t afford to fix them. Mayor Dave Bing’s plan would create an authority to borrow $160 million to [...]
From freep:
The City of Detroit’s work force would be slashed by 25%, transportation and city lighting would be privatized and services to residents would be reduced under a budget proposal aimed at shaving $250 million off the city’s 2012-13 budget.
Mayor Dave Bing’s staff laid out details of the proposed budget, the first being crafted with state oversight of the city’s finances, to members of the City Council on Monday.
The cuts [...]
(04-22) 12:52 PDT Detroit, MI (AP) –
The Detroit Fire Department could adjust to a looming 15 percent budget cut by allowing some abandoned buildings burn to the ground, according to the city’s top fire official.
Executive Fire Commissioner Donald Austin said his is creating three proposals for Mayor Dave Bing to consider when making deep reductions to the 2012-13 budget, likely to be below this fiscal year’s $183 million. Detroit is [...]
Detroit’s financial review team this afternoon declared that the city is under a financial emergency and no consent agreement between the city and state has been adopted, a move that forces Gov. Rick Snyder to appoint an emergency manager within the next 10 days under state law.
State officials, however, are hopeful that an agreement can be reached before an emergency manager is named.
• Reading this story on a phone or [...]
DETROIT (Reuters) – Detroit Mayor Dave Bing was diagnosed with inflammation of the intestine and will remain at a hospital for further observation, just days before the struggling city faces a key financial deadline, the mayor’s office said in a statement on Friday.
Monday is the deadline for a panel created by the state of Michigan to recommend what to do to fix Detroit’s dire financial situation. The city and the [...]
Detroit had more than $2.5 billion of debt downgraded by Moody’s Investors Service as the city faces a deficit approaching $270 million. The move may force the city to pay $350 million over seven years to terminate swap agreements.
“Although efforts to stabilize the city’s finances and improve liquidity are ongoing and could be resolved over the very near term, protracted discussions continue and this uncertainty increases bondholder risks,” Moody’s said today in [...]
Despite assurances from Clint Eastwood andEminem, Detroit’s rebirth may be on hold, as the city is on a Greece-like track to run out of money before summer, and things are getting increasingly testy between the state’s Republican governor and the city’s Democratic mayor.
Although the automotive sector and some other parts of the city’s business picture have bounced back in recent years, Detroit city government finances are still on an unsustainable course, and [...]
Just headlines:
Italian 10-year yield rises back above 7%
Italian bank shares follow UniCredit lower
ECB Takes Record Deposits Stoked by Emergency Lending Operations
Eurozone unemployment stays at record high
ECB’s Knot: Euro May Collapse If Greece Pushed Out
Soros Says Euro-Area’s Failure Would Have a ’Catastrophic’ Global Impact
UniCredit warns rights issue investors of euro break-up
Europe Banks Tie Up Assets in Covered Bond Sales: Credit Markets
Schools will be cut $4.8 billion if taxes don’t pass, Gov. [...]
by freep.com
Running short on cash to fund basic services and payroll, Detroit stopped paying some of its vendors in a move that experts say could increase the likelihood of the state appointing an emergency manager or contractors pushing the city into bankruptcy court.
City Council President Pro Tem Gary Brown, the lone Detroit elected official calling for some state intervention, said the city must act more quickly to reduce a runaway deficit [...]
Mayor Dave Bing to lay off 1,000 Detroit city employees
“Delivering on his pledge to avoid an emergency manager, Mayor Dave Bing said today he will lay off 1,000 employees, implement a hiring freeze and increase his demands on unions to accept 10% pay cuts and deep concessions in health care and pension benefits.”
NYC Cuts Shrink 2013 Budget Gap to $2 Billion From $4.6 Billion
“New York City’s projected 2013 budget deficit [...]
With Detroit Mayor Dave Bing preparing to explain the city’s fiscal crisistonight in a rare televised address, Council President Pro Tem Gary Brown says the situation is even worse than anyone has let on.
Bing is expected to discuss a confidential Ernst & Young report obtained by the Detroit Free Press that suggests Detroit could run out of cash by April without steep cuts to staff and public services.
That’s a grim prognosis, but [...]
Thu Nov 3, 2011 5:39pm EDT
(Reuters) – Detroit is in “extremely serious financial condition,” as it is projected to run out of cash next year and must take action to avoid a state takeover, Mayor Dave Bing said on Thursday.
Michigan’s largest city is facing a projected cash shortage of about $150 million by the end of March, a statement from his office said.
To avoid having a state-appointed emergency financial manager, [...]
Headlines:
Italian borrowing rates keep rising
BNP cuts Italy exposure as Greece hits Q3
Italy Fails to Offer Key Fiscal Steps
Portugal, hit by recession, seeks adjustments to €78 billion bailout deal
European Banks May Need $550 Billion Capital Boost, Neptune Says
Greek Yield Rises Over 100%, Italian Bonds Drop on EU Ultimatum
Air Force cutting 9,000 jobs now, more later
Spain bond costs to jump as Greece pressures periphery
Mayor Dave Bing: Detroit may need emergency manager
Poorest poor [...]
Detroit —Like many swaths of the city, Keith Wicks’ historic Indian Village neighborhood has remained largely dark at night after vandals destroyed transformers in nearly every streetlight pole that powers them.
On a recent rainy day, Wicks, 64, a retired GM engineer who has lived in Detroit for decades, watched as city Public Lighting workers put new transformers at the top of the aging wooden [...]
DETROIT – Detroit neighborhoods with more people and a better chance of survival will receive different levels of city services than more blighted areas under a plan unveiled Wednesday that some residents fear may pit them against each other for scarce resources.
Mayor Dave Bing released details from his Detroit Works Project, calling the changes a “short-term intervention” necessary because the city, with limited [...]
From WSJ:
DETROIT—A new state law has emboldened the Detroit mayor and schools chief to take a more aggressive stance toward public unions as the city leaders try to mop up hundreds of millions of dollars in red ink.
Robert Bobb, the head of the Detroit Public Schools, late last week sent layoff notices to the district’s 5,466 salaried employees, including all of its teachers, a [...]
Detroit —Councilwoman JoAnn Watson is reiterating her call for a government bailout of Detroit, saying the city that built the middle class deserves as much help as Wall Street or General Motors.
Addressing the City Council today during Mayor Dave Bing’s budget presentation, Watson gave a spirited pitch for federal funds to help the city whose population declined 25 percent since 2000 to 713,777.
“We are worth it. We [...]
The no. 1 reason, IBD says: the United Auto Workers union. As long as total full-time pay and benefits for a Big Three factory worker stay near $140,000/year, Detroit will continue its descent.
From WSJ:
DETROIT—The population of Detroit has fallen back 100 years.
The flight of middle-class African-Americans to the suburbs fueled an exodus that cut Detroit’s population 25% in the past decade to 713,777, according to Census [...]
By KATE LINEBAUGH
Bill Pugliano for The Wall Street JournalDetroit’s Mexicantown section Tuesday. Unlike the city as a whole, Motown’s Hispanic population is growing.
DETROIT—The population of Detroit has fallen back 100 years.
The flight of middle-class African-Americans to the suburbs fueled an exodus that cut Detroit’s population 25% in the past decade to 713,777, according to Census Bureau data released Tuesday. That’s the city’s lowest population level since [...]
|
It only takes a few moments to share an article, but the person on the other end that reads it might have their life changed forever
Contact Information:
Submit: articles [ at ] investmentwatchblog.com
Advertising: ads [ at ] investmentwatchblog.com
General: admin [ at ] investmentwatchblog.com
|
