Former-Goldman Sachs VP: Detroit bankruptcy didn’t need to happen

[marmar]

(Metro Times) We dropped by Wayne State University’s law school this morning to hear former Wallace Turbeville, former Goldman Sachs vice president and current senior fellow at Demos, highlight a report he published on Detroit’s bankruptcy last fall. In case you haven’t read it, Turbeville’s findings don’t exactly mesh with Detroit Emergency Manager Kevyn Orr’s analysis of the city’s fiscal picture.

Speaking inside the Damon J. Keith Center for Civil Rights on the second day of the Detroit Bankruptcy & Beyond conference, Turbeville offered some pointed remarks about the largest municipal bankruptcy in the nation’s history: The way he sees it, Detroit’s bankruptcy “never had to happen, at all.”

Turbeville has contended for some time that the city’s $18 billion debt figure established by Orr is exaggerated, and, as Curt Guyette points out in Metro Times’ cover story from this week, misleading. He also reiterated his point that the city should be addressing its nearly $200 million budget shortfall, rather than long-term debt.

“The city was tipped into this situation; it was largely a (lack) of revenue,” he told the room. “Expenses weren’t the problem.” ......................(more)

The complete piece is at: http://blogs.metrotimes.com/news-blawg/former-goldman-sachs-vp-detroit-bankruptcy-didnt-need-happen/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MetroTimesBlogsNewsBlawg+%28Metro+Times+Blogs+%C2%BB+News+Blawg%29

[Festivito]

1. Republican governor. Wisconsin light.

He only killed the Medicaid people until April.

Railroaded us into being a right to work for less pay for even more work state.

Figured out we didn't need a movie industry and that Detroit was bankrupt but couldn't show us the figures.