Friday, March 6, 2015

Rick Snyder Authorizes Detroit Bankruptcy

Rick Snyder
Rick Snyder
Pol Light Moment #116 happened on July 18, 2013, when Rick Snyder authorized the City of Detroit to enter Chapter 9 Bankruptcy. Rick Snyder is presently the Governor of the State of Michigan, serving from 2011 to the present.

Kevyn Orr became the emergency manager for Detroit early in 2013. Detroit had over $18 Billion in accured obligations. Because of the financial debt basic services for residents were suffering. In this situation, Rick Snyder authorized the City of Detroit to enter Chapter 9 municipality bankruptcy that would make them the largest city in the United States to go through bankruptcy. You can read Rick Snyder's Letter Authorizing the Commencement of Chapter 9 Bankruptcy for Detroit.

The following is a video of Rick Snyder announcing the decision to allow Detroit to go into bankruptcy.

On December 10, 2014, Detroit emerged from bankruptcy. During the process of the bankruptcy proceedings Detroit reduced $7 billion of its debt and reinvested $1.4 billion in city services over the next decade (USA Today, December 10, 2014).

Rick Snyder has been featured on other Pol Light posts. To view all Rick Snyder posts search with Rick Snyder label at Pol Light.

Pol Light does not endorse political candidates. We present a brighter side to politics when they are found on either side of the aisle. We don't have to agree with all of a person's politics to recognize these bright moments.

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