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Emerging Trends-Public Sector Bankruptcy

Rahm Emanuel Faces Public Pension Crisis

Posted: 04/07/2014 11:45 pm EDT Updated: 04/07/2014 11:59 pm EDT AP | by SARA BURNETT Huffington Post CHICAGO (AP) — Rahm Emanuel has been a force in politics — the mastermind behind a Democratic takeover of Congress, dealmaker in two White Houses and now the hard-charging mayor intent on fixing what ails the nation’s third-largest […]

Detroit Turns Bankruptcy Into Challenge of Banks

By MARY WILLIAMS WALSH FEBRUARY 3, 2014, 9:10 PM NYTimes Detroit’s bankruptcy is rapidly shaping up as a battle of Wall Street vs. Main Street, at least as far as the city’s creditors are concerned. Amy Laskey,a managing director at Fitch Ratings, said in a recent report that she sensed an “us versus them” orientation […]

Struggling, San Jose Tests a Way to Cut Benefits

By RICK LYMAN and MARY WILLIAMS WALSH Published: September 23, 2013 NYTimes SAN JOSE, Calif. — This metropolis of nearly a million residents is the third-largest city in California, home to tens of thousands of technology industry workers, as well as many thousands more struggling to get by. Yet even here, in the city that […]

How Detroit went broke: The answers may surprise you – and don’t blame Coleman Young

By Nathan Bomey and John Gallagher/Detroit Free Press Business Writers | FILED UNDER – Local News / City of Detroit | 1:10 AM, Sep. 15, 2013 | Detroit is broke, but it didn’t have to be. An in-depth Free Press analysis of the city’s financial history back to the 1950s shows that its elected officials […]

Help wanted: Must-reads on income inequality and the rich-poor gap

By John D. Sutter, CNN updated 11:56 AM EDT, Mon August 19, 2013 Editor’s note: John D. Sutter is a columnist for CNN Opinion and head of CNN’s Change the List project. Follow him on Twitter, Facebook or Google+. E-mail him at [email protected] (CNN) — Journalism sometimes has a bit of a short-term memory problem. […]

Braced to Remake Itself, Detroit First Awaits Challenges to Bankruptcy Eligibility

By STEVEN YACCINO Published: August 18, 2013 NYTimes Before Detroit can start remaking itself in bankruptcy court, there is a basic question that stands in its way: Does it even qualify? That might seem like an odd notion in a place wrestling with an estimated $18 billion debt. But unions, creditors and retirees are expected […]

A City Borrows So Its Schools Open on Time

By RICK LYMAN and MARY WILLIAMS WALSH Published: August 15, 2013 NYTimes PHILADELPHIA — Just a month after Detroit became the largest American city to file for bankruptcy, and with major cities like Chicago and Los Angeles struggling, this former manufacturing behemoth is also edging toward a financial precipice. But here the troubles are centered […]

What Really Ails Detroit

By STEPHAN RICHTER Published: August 15, 2013 NYTimes IS Detroit’s collapse the story of one American city gone awry? Or is it indicative of a more profound nationwide problem? The facts point to the latter. Though Detroit’s bankruptcy is exceptional in many ways — notably, its size and its disproportionate impact on African-Americans — the […]

Woes of Detroit Hurt Borrowing by Its Neighbors

BY MARY WILLIAMS WALSH NYTimes AUGUST 8, 2013, 7:55 PM The Detroit Effect has rippled all the way to Wall Street. Two weeks after Detroit declared bankruptcy, cities, counties and other local governments in Michigan are getting a cold shoulder in the municipal bond market. The judgment has been swift and brutal. Borrowing costs are […]

To Stay Afloat, Bookstores Turn to Web Donors

By JULIE BOSMAN Published: August 11, 2013 NYTimes For years, independent bookstores have taken creative steps to fight off challenges from Amazon and the superstores by building in-house espresso bars, hosting members-only lunches with authors and selling birthday cards, toys and trinkets. In 2013, it has come to this: Asking their customers for donations. Crowdfunding […]