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Detroit may go bankrupt unless City Council and Mayor strikes a deal


Detroit may go bankrupt unless City Council and Mayor strikes a deal

The city of Detroit may go bankrupt till the end of this year, with thousand of city workers put on furlough, unless the Detroit City Council authorizes a $300,000 contract for financial advice to be provided to the city’s Mayor Dave Bing, which would prepares the way for release of $30 million needed by the city.

Detroit has been in dire financial straits for years. It has lost a quarter of its population and its auto industry has noticeably reduced tax revenues noticeably.

The Detroit City Council gave the mayor the option to hire a financial advisor and in return receive $30 million by the end of the year.

But the Miller Canfield Law Firm that Mayor Dave Bing had suggested failed to receive the Council’s approval, as on Tuesday it voted 8-1 to delay the deal.

As they explained there are suspicions that the law firm has conflicts of interests since it handles other city business. Besides, as they said, they expected the Mayor would present a list of firms to choose from, not one firm.

If the deal is struck within the upcoming weeks, the city would temporarily lay off thousands of workers to avoid bankruptcy.

Voice of Russia, RT



Author: rt # XehoJory29
Business2012-11-22
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