It has been nearly a year since Detroit declared bankruptcy, now thousands of residents have had their water cutoff since March and 150,000 more are facing the same fate…
from 21st Century Wire:
A brief history of monetary ruin: Detroit Michigan is known as the ‘Motor City’ and was once proudly hailed as one of the most innovative cities in America for all of its automotive manufacturing prowess, but those days have long-since ended, marking a great decline in production and job creation – but what exactly happened. Detroit’s transformation from the 4th largest city in the United States with nearly 1.8 million people to the 18th most populous city with just over 700,000 residents didn’t happen overnight – it took decades.
Corrupt politicians like Kwame Kilpatrick, and a host of other city officials slowly sapped the city of its resources, leading to Detroit’s financial coffin. Kilpatrick, the former mayor of Detroit from (2002-2008), extorted the city out of $2 billion in contracts while he was acting as the special administrator of the Detroit Water and Sewerage Deparment (DWSD), illegally awarding the management of wastewater to outside parties without concern for the health and safety of those located in the municipality. Additionally, critics have charged that Kilpatrick’s restructuring of the city’s pension debt in 2005, fast tracked the city to ruin with a Wall Sreet loan of $1.44 bilion that will take an estimated 22 years to payoff.
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