Some cities may need to be pushed into bankruptcy, while others may just need a healthy dose of private-sector medicine, said TransPro Consulting CEO Mark Aesch.» Read More
DETROIT, Oct 23- A trial on Detroit's eligibility for bankruptcy protection kicked off on Wednesday with opponents claiming the city tried to bypass restrictions on cutting workers' pensions, as experts in municipal bankruptcy around the country watched closely in a case that could set important precedents.
Bankruptcy Judge Steven Rhodes on whether Detroit is eligible to restructure its debts and liabilities under Chapter 9 of the U.S. Kevyn Orr, the city's emergency manager who has broad powers over Detroit's finances, is expected to testify on Friday, his spokesman, Bill Nowling said by a Twitter message.
DETROIT, Oct 23- In a federal court building in downtown Detroit, beginning on Wednesday morning, the largest municipal bankruptcy filing in U.S. history comes down to a single question: Is Detroit bankrupt?
In Michigan, more than 3,500 lottery winners are also on public assistance, drawing attention to waste in a state still reeling from the nation's economic downturn.
Standard & Poor's on Friday showed its support for Michigan's takeover of Detroit by upgrading the city's credit rating to "stable" from "negative."
Bankruptcy lawyer Kevyn Orr was named Detroit's emergency financial manager.
Kevyn Orr, the attorney who managed Chrysler's 2009 bankruptcy, is reportedly Michigan Gov. Rick Snyder's top pick to be Detroit's financial emergency manager.
At the Detroit Auto Show earlier this month, luxury was in the air. Pricey new Bentleys and Maseratis glittered - including a Maserati 2014 Quattroporte with a $132,000 price tag; U.S. Cabinet Secretaries and dignitaries rubbed shoulders; and many of the well-heeled attendees ponied up for a $300-a-ticket black-tie charity ball.
From outside Michigan Republican circles, it appeared that the Republican drive to weaken unions came out of the blue - proposed, passed and signed in a mere six days.
NBC's Ron Mott reports Gov. Rick Synder has signed two bills into law that many see as a major setback for big labor.
But times are tough for unions in the Rust Belt, even in a longtime bastion like Michigan.
In exchange for operating as the state's so-called insurer of last resort _ meaning it must provide insurance coverage regardless of a customer's health status _ Blue Cross has been exempt from paying several local and state taxes.
Transportation Secretary Ray LaHood says he's ready to start funding a light rail passenger line and fast bus lines in the Detroit area if state and regional officials can finally work together on ending the metro area's status as the nation's largest without mass transit.
Transportation Secretary Ray LaHood is expected to discuss regional transit and a proposed passenger rail system in Detroit during a meeting including area officials. Rick Snyder says the governor plans to meet with LaHood, Detroit Mayor Bing and others on Monday afternoon.
DETROIT-- Members of the Detroit City Council are expected to receive an update on efforts to balance the city's budget and fix its fiscal troubles. The council's Budget, Finance and Audit Standing Committee has scheduled a discussion Wednesday afternoon at City Hall on the monthly report of the Financial Stability Agreement with the state.
DETROIT-- General Motors plans to hire up to 1,500 workers to staff a new computer technology center outside Detroit. Last month the company announced it would hire 500 people for a center in Austin, Texas. But spokeswoman Julie Huston-Rough said most carmakers strike a balance between doing computer work in the company and hiring outside firms.
Retail gasoline prices in the U.S. Midwest were as much as 50 cents higher than in the rest of the country this week, and a number of contributing factors are to blame.
Gov. Rick Snyder, (R-MI) discusses why he endorses GOP presidential candidate Mitt Romney, and what this means for Romney's campaign and the GOP race, with Michael Steele, former RNC chairman.