Open thread July 12, 2013 Dan Crawford | July 12, 2013 8:56 am Tags: open thread Comments (2) | Digg Facebook Twitter |
Detroit may file a Chapter 9 bankruptcy petition before the end of the month. Detroit has likely been bankrupt for as long as a decade, but phony numbers and fresh borrowing kept it afloat.
The degree of corruption and mismanagement has gone from incredible to stunning as outsiders attempt to reconstruct the mess.
Both the Bush and Obama administration have been indicting and convicting Detroit insiders, and the list never seems to end. Recent indictments reached into the pension funds and the public library.
waiting for indictments to reach into Bank of America and Wells Fargo.