The city of Detroit applied for bankruptcy, citing $18.5 billion in debt owed to approximately 100,000 creditors, among them municipal bondholders and pension-plan members. “After this little kerfuffle,” said emergency manager Kevyn Orr, “we’ll be back in business.” Officials announced cuts in pension payouts to as many as 20,000 retired municipal employees and promised not to sell off the city’s original Howdy Doody puppet. “We don’t have that many people with pensions big enough for anything to be taken away from them,” said Shirley Lightesy, head of the Detroit Retired City Employees Association. “We may be bankrupt monetarily, but we are well funded in spirit,” said Detroit native Aretha Franklin.
Weekly Review
Weekly Review
Weekly Review
The city of Detroit applied for bankruptcy, citing $18.5 billion in debt owed to approximately 100,000 creditors, among them municipal bondholders and pension-plan members. “After this little kerfuffle,” said emergency manager Kevyn Orr, “we’ll be back in business.” Officials announced cuts in pension payouts to as many as 20,000 retired municipal employees and promised not to sell off the city’s original Howdy Doody puppet. “We don’t have that many people with pensions big enough for anything to be taken away from them,” said Shirley Lightesy, head of the Detroit Retired City Employees Association. “We may be bankrupt monetarily, but we are well funded in spirit,” said Detroit native Aretha Franklin.