The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.
Gov. Rick Snyder justified approving the historic filing by reciting a litany of the city’s ills, including more than $18 billion in debt, maxed-out tax rates, the highest murder rate in 40 years, 78,000 abandoned buildings and a half-century of residential flight. He said the city failed to provide basic services to residents or pay creditors.
Decades of negro mismanagement, corruption, crime and idiocy. This is where it ultimately must lead.
During a month of negotiations, Orr has reached a settlement with only two creditors: Bank of America Corp. and UBS AG. They have agreed to accept 75 cents on the dollar for approximately $340 million in swaps liabilities, according to a source familiar with the deal.
The magic negro that failed.
“We don’t have time for more delaying tactics,” Orr said.
Orr insisted he “bent over backwards” and negotiated in good faith during more than 100 meetings with creditors. In court filings late Thursday, he said it was impossible to reach an accord with “many tens of thousands of creditors” and accused unions of refusing to negotiate on behalf of the city’s 20,000 retirees.
A negro using language suggestive of the "down low." Union swine. Creditors numbered in the thousands. "We ain't gots no bread." Welcome to the end.
The filings also indicated that Orr may be open to offers on the Detroit Institute of Arts’ collection, which is worth billions. Orr said he will continue to “engage all interested parties in dialogue regarding the City-owned art collection” and “reach a resolution with respect to such assets that will maximize the long term benefits to the City and the prospects for a successful restructuring.”
Orr also will continue to evaluate how much money the city could collect by selling other assets, including Belle Isle, the Detroit-Windsor Tunnel, real estate and municipal parking operations.
Special "City Destroyed by Negroes Sale!" Everything must go! Outrageous discounts! Buy a tunnel or an island! Prices so low you'll think we've lost our minds!
Orr said he wants to stabilize the city, woo new residents, provide essential city services, lower property taxes and transfer costly departments, including the water and sewerage, to an outside group.
The filing serves as a grim reminder of the bankruptcies in the auto industry four years ago. Unlike the cases of General Motors and Chrysler in 2009, the White House offered no financial help.
"Wha you mean we ain gettin none aw dat Oh Bammer cheese?"
Steven Rattner, the Obama administration’s auto czar who steered the General Motors and Chrysler bailouts, said the state will have to help fund Detroit’s exit from bankruptcy.
Don't worry, we'll find a way to hose Whitey.