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.”