$330 million pledge to save DIA art and Detroit's under funded retiree pensions

[FrodosPet]

http://www.myfoxdetroit.com/story/24433461/330-pledge-to-save-dia-art-and-detroits-underfunded-pensions#at_pco=cfd-1.0

DETROIT (WJBK) - Some leading and local foundations have stepped forward to with an offer of $330 million to help Detroit get through bankruptcy.

The organization says its goal to provide funding of city worker retiree pensions and to preserve the art collection at the Detroit Institute of Art.

~ snip ~

A leadership committee has been established to manage the fund, consisting of the Presidents of Ford Foundation, The Kresge Foundation, the John S. and James L. Knight Foundation and the Community Foundation of Southeast Michigan.

Other foundations were expected to soon announce their participation in a plan to help solve two of the bigger issues facing the insolvent city. Nearly 130 individuals also have contributed to a fund established with a Detroit-area community foundation, said the mediators, a group of attorneys and current and retired judges.

~ snip ~

[Warren Stupidity]

1. They better get an ironclad guarantee that the ripoff artists of Wall Street

can't come back and try taking the public assets again.

[FrodosPet]

2. If a foundation buys the art from the city and keeps it in place

Then I am good with that. The art owned by the city itself is only 5% of the collection, but includes some the most important pieces in the collection.

What worried me was some rich dirtbag buying it up out of greed or ego and just sticking it in his study so that he and his dirtbag friends can look at it while trashing Detroit.