The City of Detroit FILES FOR BANKRUPTCY
Detroit WE'RE BROKE
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It just got a lot colder in the D ... 'cause the City of Detroit is so broke, it just filed for bankruptcy.
A State-appointed emergency manager filed for Chapter 9 bankruptcy protection today, making Detroit the largest municipality ever to file for bankruptcy in U.S. history.
Just to show how bad things got in the Detroit area ... just look at the famous Silverdome, where the Detroit Lions played football until 2002. The stadium cost $55.7 million to build back in 1975 ... but sold for just $583,000 in 2009.
There are too many reasons to list for Detroit's financial woes -- but among the top ... massive population decline and a dwindling tax base. From 2000-2010, Detroit lost a quarter million residents.
If the filing is approved, it would allow Detroit to restructure its debts in order to satisfy endless creditors and city pensioners ... as unlikely as that may be.
