http://www.freep.com/comments/articl...ancial-manager
Listen up,
Looks like Tuesday is judgement day. I knew that Synder wouldn't let me down!
http://www.freep.com/comments/articl...ancial-manager
Listen up,
Looks like Tuesday is judgement day. I knew that Synder wouldn't let me down!
Not quite, additional update...
Apparently, he could receive the Financial Review Report AS EARLY AS Tuesday.Quote:
The state-appointed review team scouring Detroit’s finances under an emergency review is expected to give its findings to Gov. Rick Snyder soon, officials familiar with the discussions told the Free Press on Friday.
Snyder spokeswoman Sarah Wurfel said late Friday that the report could be officially delivered to Snyder as early as Tuesday, “but he needs time to review it closely before he determines the next step.”
Wurfel said it wasn’t clear how quickly the governor would decide whether to appoint an emergency manager for the state’s largest city.
They don't know when he's going to make the announcement on whether or not Detroit gets an EM. But I imagine if he's just getting the report on Tuesday at the earliest, it's going to take him a few days to digest it.
I am really going to miss my family.
Spending time with my two-time heart attack survivor father.
Watching my niece and nephew grow.
Going swimming at the rec center with my brother.
Cracking jokes with my sister.
I hope all players responsible for it coming to this roasts in whatever punishment is appropriate to his/her pantheon.
This comes at the same time as the Kwame verdict. How ironic.
Maybe as part of his restitution, Kwame will be the new EFM?Quote:
Originally Posted by kenp
Bring it already.Pontiac is coming out of its EMF/EM stronger and leaner.The best part about this is we found out how the money was spent/stolen/wasted.The worst part is we found out how the money was spent/stolen/wasted.Now we can move on.
I'm sad about the city workers who did their jobs,bargined in good faith,and only asked to be compensated in return.Those that have been privatized,rebranded or let go didn't ask for it.Those that money stole,"time" stole or outright were corrupt[[KK)thanks for playing....
Your sadness is understandable. I share the wish that good people can be spared in bad situations. In the end, what's better for Pontiac residents is the purpose of city government, isn't it?Quote:
Originally Posted by luckycar
from the article...
"An emergency financial report to Gov. Rick Snyder makes it clear that a six-person team poring over Detroit's financial recordshttp://images.intellitxt.com/ast/adTypes/icon1.png does not believe that Mayor Dave Bing and the City Council are capable of turning the city around on their own, two people familiar with the document told the Free Press on Saturday.
The report, which the state-appointed review team completed after meetings in Detroit on Friday, outlines monstrous debts and a chronic inability to reverse course, highlighted by infighting and disagreements between Bing and the council.
Even under state oversight for more than 10 months, there's no sign the city is taming its deficit, let alone addressing billions in bond debt, retiree pension and health care obligations, said the officials, who spoke on condition of anonymity because they weren't authorized to speak ahead of the report's delivery to Snyder".
http://www.freep.com/article/20130217/NEWS01/302170245/Detroit-can-t-fix-crisis-on-its-own-state-ordered-financial-review-finds
[[the link doesn't seem to work? but you can click on "financial records" to read the full article)
I'm shocked. :)
There isn't really any alternative to EM and/or bankruptcy; I'm just wondering how long Gov. Snyder is going to wait to make an appointment.
Quote:
Originally Posted by mwilbert
48 hours, plus or minus.
Snyder knows that he's opening Pandora box once he appoints an EM over Detroit. There's a reason he's done everything to avoid doing so thus far [[such as him directing the FRB to slow down on submitting its report a month ago). Don't expect him to rush in making the decision.Quote:
Originally Posted by professorscott
What I do expect this week is the City Clowncil and Bingo to rubber stamp more crap to stave off an appointment.Quote:
Terry Stanton, a spokesman for state Treasurer Andy Dillon, who is a member of the review team, said Snyder has 30 days from the day he receives the report to decide whether to appoint an emergency financial manager. The governor has said he will take some time in deciding how to proceed.
Curious...under what conditions do you think the City Council and Mayor would actually be the ones to be begging Lansing for the EFM? Because I think it's realistic that the Governor might be waiting until it gets to that point.Quote:
Originally Posted by 313WX
Quote:
Originally Posted by corktownyuppie
It ain't happening.Quote:
Originally Posted by corktownyuppie
Bing and the City Council are egomaniacs. They don't want their feelings hurt yet they want to maintain control. That was the purpose of the consent agreement and the rubber stamping back in December.
They don't want someone coming in telling them what to do, yet they hate having the people they're supposed to represent chastised like dogs every week during the city council meetings anhd at the town halls.
When Snyder appoints an EM [[if he does), it's going to have to be on his own accord. And like with the DPS school board, he better expect A BUNCH of kicking and screaming that's 10x worse. The budget and labor cuts they're going to impose will be much worse [[yes, even in a time where the DFD can't even use their ladders and the DPD isn't even open 24 hours) and he's going to rendure the Mayor and Concil [[like DPS' superintendent and school board) irrelevant.
Best thing he can do is wait until paychecks can't be printed. Then the tables will turn in his favor. Nothing else will make people believe there's no money.Quote:
Originally Posted by 313WX
One thing Snyder also has to keep in mind is if he doesn't appoint an EM by March 27th, the city of Detroit will have the option to vote itself into bankruptcy court.
Apparently, the immediate cash flow crisis is no more.
I agree that the administration and the council aren't going to ask for an E[[F)M. If the governor is waiting for that to happen, they will end up going straight to bankruptcy. My assumption has been that the governor wanted to avoid that, but if he doesn't want to take any heat, maybe that assumption is wrong.
However, I think that statewide, people would rather have an EM in Detroit than a bankruptcy, because of a probably misguided fear of collateral damage. Gov. Snyder is more likely to care about that than whether there is discontent in Detroit.
I don't think it will ever matter. Even if they stop printing paychecks, Joann Watson and the like will still be screaming it's the State's fault for not giving them their profit sharing money. The council has brainwashed citizens into thinking that the State owes the city money. Once the citizens have an idea it's like a cancer. If everyone was kicking and screaming about the cuts before, just wait until the EFM gets into it. I totally support the EFM coming in and finally cleaning this mess up.
Like Vic01 says - Detroit can't fix the crisis on its own - even though it produced it all by itself.
I think Mayor/Council are still procrastinating to force Detroit into Bankruptcy so they can remain calling the shots while blaming the catastrophe on Snyder for not bringing in the EFM. They are desperately thrashing around at the moment looking for a scapegoat. They have to pin their failures on the man in Lansing because they know their customers will gleefully accept that.
For example, a coalition called Moratorium NOW! just filed another lawsuit against the city of Detroit demanding a release of the city's bond issues and interest rates swaps because they don't trust the state's financial review and would rather someone independent reviews it.Quote:
Originally Posted by 313WX
This is just a taste of what the EM and Snyder will have to deal with once he pulls the EM trigger.
Detroit is able to solve it's problems. It is unwilling to do it. So now it needs to be imposed. Sad state of affairs, but harsh reality must be faced. And like the economies of the former Soviet Bloc countries, the faster and harsher the changes, the better off we'll all be in the long run.
I want real solutions. I want real answers. I don't want well-meaning but empthy rhetoric.
..I also don't want any "decision" unduly delayed simply for the 'perception/politics' of it-- if Snyder is as straightforward as he promotes himself to be [[despite the about-faces on right-to-work, et al.) then he needs to be as up front and transparent as possible in presenting the case for whatever "happens next" regarding detroit's fiscal state.