When Detroit declared bankruptcy, the pensions of city workers faced deep pension cuts — some as high as 34 percent. After protests, these cuts have been scaled back and Detroit is drawing closer to a deal on how to protect against such drastic pension reductions. Judy Woodruff gets the story from Christy McDonald of Detroit Public Television. Continue reading
NEW YORK — At a time when interest in civil rights memorabilia is rekindled, a lifetime’s worth of Rosa Parks’ belongings – among them her Presidential Medal of Freedom – sits in a New York warehouse, unseen and unsold.
Kevin Orr, who was appointed to oversee all Detroit’s finances in March 2013, told Reuters on Wednesday that his experience with the Motor City’s bankruptcy case has made him rethink ever becoming a politician.
General Motors’ new CEO and the head of the nation’s auto safety watchdog are headed to Congress to testify about a defect in small cars that is linked to 13 deaths. In written testimony released ahead of a Tuesday House subcommittee hearing, acting National Highway Traffic Safety Administration chief David Friedman says GM had information connecting defective ignition switches to the non-deployment of air bags, but didn’t share it until last month. Continue reading
Ten years ago, drivers of some older General Motors models began complaining of ignition problems, including stalling, that have been linked to 13 deaths and 31 crashes. But it wasn’t until January 2014 that GM decided to recall 1.6 million cars. Gwen Ifill talks to David Shepardson of The Detroit News about new scrutiny for the company and government regulators on why it took so long. Continue reading
Detroit filed its bankruptcy strategy in federal court Friday morning. The comprehensive plan, drafted by state-appointed emergency manager Kevyn Orr, details how the city will restructure its $18 billion debt through cuts to pensions and creditors, and emerge from the … Continue reading
The W.K. Kellogg Foundation pledged $40 million to Detroit’s art collection. Continue reading
While debate raged about the prospect of liquidating the collection at the Detroit Institute of Art, U.S. Chief District Judge Gerald Rosen, the federal mediator in the Detroit bankruptcy, came up with an innovative, alternative solution. Rosen called the head of Community Foundations for Southeastern Michigan to see if foundations might be interested in buying the museum from the city, thereby providing millions of dollars. That money would then be used to save pensions, which are currently on the bankruptcy chopping block. Continue reading
The masterpieces housed at the Detroit Institute of the Arts have been valued in the hundreds of millions of dollars. While the collection is a major source of civic pride, it could soon be tapped as an essential source of income to help pay Detroit’s debts. Jeffrey Brown talks to Mark Stryker of the Detroit Free Press. Continue reading
The signs of Detroit’s decline have been well-recognized for 65 years. Photo courtesy of Spencer Platt/Getty Images. For the past few months, Lew Mandell, author of “What to Do When I Get Stupid,” has been our retirement finance guru. He’s … Continue reading