Michigan appoints financial review team for Detroit

[Eugene]

Source: Reuters

Michigan appoints financial review team for Detroit

DETROIT | Tue Dec 18, 2012 11:35pm EST

(Reuters) - Michigan Governor Rick Snyder on Tuesday appointed a financial review team for Detroit, the latest development in a process that could lead the city to file for biggest-ever U.S. municipal bankruptcy.

"Given the financial crisis that continues to grip the City of Detroit, we must move quickly to ensure city residents have continued access to essential services they expect and deserve" Snyder said in a statement.

Frustrated by the slow pace of fiscal reforms and worried by Detroit's long-term outlook, state official earlier this month launched a state review.

Last week, the first part of the process - a preliminary review of Detroit's cash-strapped finances - was completed in just four days and concluded in a report that the city had "a serious financial problem."

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Read more: http://www.reuters.com/article/2012/12/19/us-usa-detroit-review-team-idUSBRE8BI07Y20121219

[Shadowflash]

1. The FIRST thing the are gonna do

Like they've done in other 'emergency' non-democratic appointments, is scout for prime public land such as parks or waterfront property and sell it to their rich developer buddies on the cheap to build golf courses and other things that the locals cannot afford to use.

'Emergency' managers are such a scam.