It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Pension officials said the market value of the retirement funds is not in danger despite a judge’s ruling Tuesday that Detroit is eligible for bankruptcy and that pensions can be impaired to restructure the city’s debt.
“There are people out there that are panicking and we do not want that panic,” said Michael VanOverbeke, general counsel for the General Retirement System. “
From The Detroit News: www.detroitnews.com...
This is by far the best thing that could happen to Detroit, let me explain.
I have lived here all my life and have seen Detroit when it was still a viable city, and right through the corrupt Coleman young years, then onto his corrupt criminal successor Kwame Kilpatrick.
The city is currently under massive renovations and billionaires from Michigan and many other states are buying up every building and vacant surrounding land. Billionaires Dan Gilbert, Mike Illich owner of Little Caesars and many more have been buying up land and putting literally billions in to the city.
The reason this bankruptcy is great is the fact the State of Michigan will have to step in and take over, then they can clean house, put in people that are competent and surgically remove all corrupt administrators. Detroit has been bled dry for years by the uselss trash that has been in charge of the city, so it's about time that we see a new beginning because it has been on a downward spiral since the riots of the late 60's.
Time will tell, but Detroit only has an upward climb at this point.
P.S. I have traveled the entire world for many years, and I still love Michigan and the Detroit area.edit on 19-7-2013 by Realtruth because: (no reason given)
The proposal would save the DIA’s irreplaceable treasures from creditors seeking billions of dollars from the bankrupt city. The goal is to ensure that the museum never again falls prey to the city’s financial woes or politics.
The proposal in one swoop could help solve two of the most vexing and controversial problems in the bankruptcy — paintings and pensions —and pave the way to a speedier resolution of the bankruptcy