Detroit & Pontiac on a list Nine American Cities going Broke

[Packman41]

Detroit & Pontiac Among 9 Cities Going Broke
http://xfinity.comcast.net/slideshow...cid=hero_media

The cities on this list have a number of things in common:

1. Despite declining revenues and unchecked spending they kept on borrowing to fund operations.
2. Corruption

• Camden, NJ sent 3 of the last 5 mayors to prison for corruption
• Jefferson County, AL sent numerous officials to prison for corruption
• Detroit Kwame, Bobby, Dedan, Monica, Sam and the list goes on

3. Borrowing heavily to subsidize projects that never met expectations.

• Stafford County, NH spent 40% of its operating budget to finance a nursing home
• Salam, NJ guaranteed bond to finance a downtown office building
• Pontiac, MI lost on its bet with the Silverdome – sold for $583,000 in 2009
• Harrison, NJ funded $39 million toward the cost of the $200 million Red Bull Stadium

And now we have Allen Park picking up the tab on the failed Unity Studios and the Oakland County EDC bond that was guaranteed by the Michigan State Employees Pension Fund paying the debt service for the Raleigh Studios in Pontiac.

When will the voters ever learn?

[401don]

Not to mention Benton Harbor, Ecorse and Flint which are already there. It seems the FBI spends as much time and money investigating government corruption as private these days.

[DetroitPlanner]

there are way more than 9 cities going broke right now! the list of broke cities is far longer than the list of cities that ain't broke.

[Cincinnati_Kid]

there are way more than 9 cities going broke right now! the list of broke cities is far longer than the list of cities that ain't broke.

You got that right.