Motor City Pension Investments & Payment. Detroit Auditor General Mark Lockridge and Inspector General General James Heath have released an investigative report finding significant violations in pension fund investments and excessive awards to retirees―during times when the funds were losing value. Continue reading →
Saving Critical Resources for a new Detroit. U.S. Bankruptcy Judge Steven Rhodes late yesterday agreed to put off the first big brawl in Detroit’s bankruptcy case, where Detroit Emergency Manager Kevyn Orr will try to persuade Judge Rhodes that two Wall Street banks deserve not only to cut in line in front of pensioners and bondholders in the city’s debt payment line, but also to take a disproportionate share. Continue reading →
Study of Cities’ Fiscal Health Released Today. Our preliminary findings and reports on the fiscal health of six U.S. cities were released today and have been added to our website. The GMU Municipal Sustainability Project was also mentioned in the articles below. Follow our blog and track our project as we study and write about the municipal fiscal crises of urban centers in America.
Saving Critical Resources for a new Detroit. Detroit and dozens of its 100,000 creditors yesterday opened an extraordinary process of confidential mediation sessions under federal judicial auspices that could both accelerate an earlier exit from bankruptcy, but, more importantly, Continue reading →
Public Trust & Leadership. Former Detroit City Council President Charles Pugh last Friday submitted his resignation from the Council, just about three months after his departure from the Motor City—his resignation Continue reading →
Post-Retirement Health Care. A key issue in the Detroit bankruptcy will be how to finance post-retirement health care benefits for its retirees. Insolvency, occurring nearly simultaneously Continue reading →