This is circulating around now, on Facebook. No major market news yet.


As you probably know, Michigan Governor Rick Snyder recently signed
legislation passed by the Republican-dominated House and Senate that gives
State-appointed Emergency Financial Managers [[EFMs) historically broad and
sweeping powers. These new powers allow the EFM to cancel or modify contracts
[[including with unions) and even to fire the municipality's government.


Today, for the first time, a EFM did just that. According to a press
release from the Michigan AFL-CIO, Joseph L. Harris, EFM for Benton Harbor, Michigan
issued "an order prohibiting all action by all city boards, commissions,
authorities and other entities, except as authorized by the emergency
manager."
http://www.eclectablog.com/2011/04/a...financial.html