Detroit resurrected To bankruptcy and back

Nathan Bomey

Book - 2016

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Subjects
Published
New York, N.Y. : W.W. Norton & Company [2016]
Edition
First edition
Language
English
Physical Description
xv, 297 pages ; 25 cm
Bibliography
Includes bibliographical references and index.
ISBN
9780393248913
0393248917
Main Author
Nathan Bomey (author)
  • 4:06 p.m.
  • The nerd
  • Deal of the year
  • Keyvn Orr
  • Project Debtwa
  • Chapter 9
  • Sacrosanct?
  • Swaps saga
  • Pills over Picasso
  • You can't eat principles
  • Haircuts
  • Fixing the city
  • "Get the damn buttons"
  • The empty cabin
  • One bullet, two creditors
  • The Rhodes Test.
Review by Booklist Reviews

When the City of Detroit filed for bankruptcy in July 2013, it became the largest U.S. municipality ever to do so. Plagued by a series of questionable financial deals, intractable union demands, corrupt city officials, and the lingering effects of the 2008 recession, Detroit was the epicenter of a perfect storm of monetary, managerial, and moral mismanagement. Letting this once-great city sink further into ruin was not an option, but pulling it out of its dire straits would not be an easy task. As other cities flirt with a similar financial fate, Bomey's intricate saga of how Detroit walked back from the brink of destruction provides an unrivaled glimpse into what went wrong and an unflinching evaluation of what it takes to overcome detrimental political shenanigans and dubious financial practices. Best suited for those well-versed in the ways of city government and large-scale economics, Bomey's insider account nevertheless entertains with its fly-on-the-wall intimacy and keen observations. Copyright 2014 Booklist Reviews.

Review by Publishers Weekly Reviews

The Motor City's recent fiscal implosion sparks an unlikely outbreak of civic-mindedness in this stirring saga of municipal finance. Bomey, a former Detroit Free Press reporter, recounts Detroit's 2013 Chapter 9 filing—the largest municipal bankruptcy in American history—after decades of plummeting population, dwindling tax revenue, and criminal mismanagement of public finances. The city's staggering $9.2 billion debt crowded out funding for police, fire protection, and other basic services. The story begins as a dogfight in bankruptcy court, where Detroit's appointed emergency manager, Kevyn Orr, is pitted against retirees whose pensions could be slashed and Wall Street creditors whose city bonds are worth pennies on the dollar. Soon, everyone starts eyeing the magnificent city-owned art museum as a piggy bank of priceless works to be auctioned off. That looming travesty prompts philanthropic foundations and Michigan's governor to join a "grand bargain" to save the collection, partially protect pensioners, stabilize Detroit's budget, and restore public services. Bomey deftly elucidates the intricacies of law and finance that shaped the case while painting colorful profiles of the principals and their sharp-tongued, profane wrangling (and occasional fits of conscience). Scrupulously fair to all parties and their grievances, Bomey reveals that behind the crass bean counting stood a fractious community pulling together to value and rescue a long-neglected city. Agent: Karen Gantz, Karen Gantz Zahler Literary Management. (May) [Page ]. Copyright 2016 PWxyz LLC

Review by Publisher Summary 1

Drawing on exclusive interviews, insider sources and thousands of records, an insider's account of financial ruin, backroom intrigue and political rebirth reveals the tricky path to rescuing a city facing a legacy of broken promises from $18 billion in debt and giving new hope to its citizens.

Review by Publisher Summary 2

Discusses the city of Detroit's 2013 bankruptcy filing and explains how the Motor City hit rock bottom.

Review by Publisher Summary 3

Author Nathan Bomey, now a journalist for USA Today, was lead reporter on Detroit’s bankruptcy for Detroit Free Press. In this narrative for general readers, he tells the story of Detroit’s bankruptcy, focusing on the decisions and conflicts among key figures such as judges, union leaders, politicians, bankers, and residents of Detroit. He demonstrates what happens when an American city goes broke and explains how the city survived. Annotation ©2016 Ringgold, Inc., Portland, OR (protoview.com)

Review by Publisher Summary 4

At exactly 4:06 p.m. on July 18, 2013, the city of Detroit filed for bankruptcy. It was the largest municipal bankruptcy in American history—the Motor City had finally hit rock bottom. But what led to that fateful day, and how did the city survive the perilous months that followed?Detroit ResurrectedDetroit Free PressThe battle to rescue this iconic city pulled together those who believed in its future—despite their differences. Help came in the form of Republican governor Rick Snyder, a technocrat who famously called himself “one tough nerd”; emergency manager Kevyn Orr, a sharp-shooting lawyer and “yellow-dog Democrat”; and judges Steven Rhodes and Gerald Rosen, the key architects of the grand bargain that would give the city a second chance at life.Detroit ResurrectedDetroit Resurrected

Review by Publisher Summary 5

What happens when an iconic American city goes broke?