Michigan Gov. Rick Snyder authorizes Detroit bankruptcy filing

Ronmamita's Blog

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Michigan Governor Rick Snyder
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dominoeffect – Because the problems have not been solved expect more cities to follow beyond the State of Michigan…

Two Detroit pension funds have sued the city’s emergency manager, Kevyn Orr, and Governor Rick Snyder in an attempt to block the Motor City from filing for bankruptcy.

The General Retirement System and the Police and Fire Retirement System of the City of Detroit filed the lawsuit yesterday, Bloomberg’s Margaret Cronin Fisk reported. The state’s constitution offers protection of public retirees’ rights, and the petitioners of the lawsuit are claiming that a Detroit bankruptcy would violate those rights.
…Orr hasn’t commented on which pension funds would be cut, and to what degree, but he has vowed to make “significant cuts” to pension payments. http://www.michiganradio.org/term/detroitfinancialcrisis

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Today [July 18, 2013], Detroit’s Emergency Financial Manager Kevyn…

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