Thursday, May 9, 2013

Detroit: In Worse Shape Than Ever Imagined But It's Nobody's Fault

So, Detroit is screwed beyond even the wildest nightmare of the emergency insolvency consultant. 

But here's the weird thing. As he pours over the books, he sees tens of millions of dollars of operating deficits. He says:

“We’ve been collecting operating deficits at about $18 million to $20 million a year. That’s nobody’s fault.."

Really? That's nobody's fault?


It just happened.

Just like that.

Nobody did anything that could cause that to happen.

No human error or bad judgement.