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The emergency financial manager for Detroit has issued a report that says the city's finances are in worse shape than nearly anyone suspected before Michigan Gov. Rick Snyder (R) appointed him to the job in March.
Snyder appointed corporate turnaround expert Kevyn Orr to be Detroit's emergency financial manager. He is a lawyer in the Jones Day law firm in Washington, D.C. Among other assignments, he represented Detroit automaker Chrysler during the company's bankruptcy and government rescue in...
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A few years ago, I was talking to a new college graduate who was moving to an expensive, distant city where she didn’t have a job.
I asked, “How will you support yourself?”
She shrugged and said her parents had money and would support her whether or not she found work.
I couldn’t help but think, “Her parents aren’t doing her any favors.”
Sure enough, during the past several years she has failed to hold steady long-term employment.
These types of blank-check relationships often are filled with...
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