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Gov. Snyder expected to put Chrysler’s bankruptcy manager in charge of Detroit
Michigan Gov. Rick Snyder (R) is expected to announce Thursday that Kevyn Orr, a financial specialist who oversaw Chrysler’s bankruptcy, will supplant elected officials and become the de facto leader of Detroit’s government as the city’s acting emergency manager, according to The Detroit News. City officials, who face a massive outstanding…
Michigan governor signs new emergency manager law
Michigan Gov. Rick Snyder (R) on Thursday signed several bills related to economic matters, including one to replace the emergency manager law that was recently repealed. The new emergency manager law is intended to restore financial stability to distressed local governments and school districts by turning some of the power…
Facing bankruptcy, Detroit mayor calls for wage cuts, corporate tax increase
DETROIT (Reuters) – Detroit Mayor Dave Bing warned on Wednesday the city could run out of cash by April and called for wage cuts for police and firefighters and a corporate tax increase to avoid the appointment of an emergency manager. Bing, who said the city was in discussions to…
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