Detroit Becomes Largest City in US History to File For Bankruptcy Protection

detroit Detroit Becomes Largest City in US History to File For Bankruptcy Protection

Detroit Becomes Largest City in US to File For Bankruptcy Protection (Photo credit: Trust.Org)

Detroit hits rock bottom as it becomes the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection, the Wall Street Journal reports.

Michigan Gov. Rick Snyder (R) made the final decision: “This was a difficult and painful decision but I believe there are no other viable options. This is a situation that’s been 60 years in the making in terms of the decline of Detroit. From a financial point of view, let me be blunt, Detroit is broke.”

The following two tabs change content below.
  • http://functionalculture.blogspot.com Constructive_Feedback

    “Nothing but the facts ma-am” reporting on Hinterland Gazette when there is an indictment on Progressive leadership