Detroit files for bankruptcy

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  • THE_LOCKSMITH
    SBR Hall of Famer
    • 08-25-08
    • 7237

    #1
    Detroit files for bankruptcy
    "Detroit filed the largest-ever municipal bankruptcy in U.S. history on Thursday, marking a new low for a city that was the cradle of the U.S. automotive industry and setting the stage for a costly court battle with creditors"



    I blame TheMoneyShot
  • brooks85
    SBR Aristocracy
    • 01-05-09
    • 44709

    #2
    And they voted obama lol
    Comment
    • jjgold
      SBR Aristocracy
      • 07-20-05
      • 388179

      #3
      Obama will bail them out dont worry
      Comment
      • Bluehorseshoe
        SBR Posting Legend
        • 07-13-06
        • 15009

        #4
        I lent Detroit a couple of grand last week. I'm never seeing that money.
        Comment
        • sickler
          SBR Posting Legend
          • 06-05-08
          • 15006

          #5
          Detroit also home to Motown, many sports franchises...
          Comment
          • King Mayan
            SBR Posting Legend
            • 09-22-10
            • 21326

            #6
            Commie loving Americans buying "made in china" has ruined Detroit..
            Comment
            • TheLock
              SBR Posting Legend
              • 04-06-08
              • 14427

              #7
              First total BURIAL of an entire city, boys.

              Whole city played one too many MLB road faves.
              Comment
              • dmtrader
                SBR MVP
                • 09-26-09
                • 1320

                #8
                Originally posted by Bluehorseshoe
                I lent Detroit a couple of grand last week. I'm never seeing that money.
                No you're not.

                Thanks for the free pass!
                Comment
                • GUMMO77
                  SBR Hall of Famer
                  • 08-23-10
                  • 9294

                  #9
                  Click image for larger version

Name:	large_coleman.jpg
Views:	1
Size:	36.0 KB
ID:	29120646

                  Wise investment.

                  Comment
                  • pavyracer
                    SBR Aristocracy
                    • 04-12-07
                    • 82842

                    #10
                    Originally posted by GUMMO77
                    [ATTACH]58574[/ATTACH]

                    Wise investment.

                    http://sports.yahoo.com/nba/blog/bal...urn=nba,233379
                    5 fur coats..lol

                    no wonder he is broke.
                    Comment
                    • GUMMO77
                      SBR Hall of Famer
                      • 08-23-10
                      • 9294

                      #11
                      Originally posted by pavyracer
                      5 fur coats..lol

                      no wonder he is broke.
                      "According to Basketball Reference, Coleman made more than $87 million during his 15 year career with the Nets, 76ers, Hornets, and Pistons. But now he has only about $1 million in assets, including a 1997 Bentley convertible, five fur coats, and $3,000 in jewelry. Not exactly appreciating assets."

                      Comment
                      • Gus Fring
                        SBR MVP
                        • 03-21-13
                        • 3423

                        #12
                        Ghetto ass city.
                        Comment
                        • broadway6
                          SBR Posting Legend
                          • 11-14-09
                          • 13337

                          #13
                          Hardcore Pawn will bail out the city...
                          Comment
                          • Deuce
                            BARRELED IN @ SBR!
                            • 01-12-08
                            • 29843

                            #14
                            A few reasons why...






                            ^^^^^

                            Council president, btw. Just got up and left town.
                            A scandal is growing in the city of Detroit involving a councilman who has been accused of having an inappropriate relationship with a male student he once mentored.




                            Before flight...








                            Last republican mayor was in 1962 just before the city burned to the ground...


                            1967 Riots which most fled from the city during/shortly after...






                            Comment
                            • brooks85
                              SBR Aristocracy
                              • 01-05-09
                              • 44709

                              #15
                              my father lived in detroit during those riots, crazy stories
                              Comment
                              • King Mayan
                                SBR Posting Legend
                                • 09-22-10
                                • 21326

                                #16
                                Oh shit black people ruined Detroit...

                                Must be the only place where black people live or riot
                                Comment
                                • Deuce
                                  BARRELED IN @ SBR!
                                  • 01-12-08
                                  • 29843

                                  #17
                                  Originally posted by King Mayan
                                  Oh shit black people ruined Detroit...

                                  Must be the only place where black people live or riot
                                  No, just liberals. Before you argue save your time. Liberals have been in charge there for 50 years now and nothing positive financially has happened. $18B bankruptcy has though. Many financial scandals as well as millions upon millions of money unaccounted for.
                                  Comment
                                  • King Mayan
                                    SBR Posting Legend
                                    • 09-22-10
                                    • 21326

                                    #18
                                    The county(Orange County) below LA is a republican stronghold and It filed for bankruptcy in 1994.. So what's your point?
                                    Comment
                                    • daneblazer
                                      BARRELED IN @ SBR!
                                      • 09-14-08
                                      • 27861

                                      #19
                                      Once the 4th largest city in America. Now it's Detroilet.
                                      Comment
                                      • Deuce
                                        BARRELED IN @ SBR!
                                        • 01-12-08
                                        • 29843

                                        #20
                                        Originally posted by daneblazer
                                        Once the 4th largest city in America. Now it's Detroilet.
                                        Comment
                                        • Deuce
                                          BARRELED IN @ SBR!
                                          • 01-12-08
                                          • 29843

                                          #21
                                          Originally posted by King Mayan
                                          The county(Orange County) below LA is a republican stronghold and It filed for bankruptcy in 1994.. So what's your point?
                                          Orange County was at the time the largest American county to have gone bankrupt, when in 1994 longtime treasurer Robert Citron's investment strategies left the county with inadequate capital to allow for any rise in interest rates for its trading positions. When the residents of Orange County voted down a proposal to raise taxes in order to balance the budget, bankruptcy followed soon after. Citron later pleaded guilty to six felonies regarding the matter.
                                          Robert Lafee Citron (April 14, 1925 – January 16, 2013) was a Democratic Party politician who was the longtime Treasurer-Tax Collector of Orange County, California, when it declared Chapter 9 bankruptcy on December 6, 1994. Citron was the only Democrat to hold office in heavily Republican Orange County at the time. The bankruptcy was brought on by Citron's investment strategies,[1] which seemed to be an effort to earn high incomes for the county without raising taxes through risky, leveraged positions in interest-rate derivative contracts. The strategy paid out at first. In 1994, a cash crunch occurred when interest rates increased and financiers for the county required increased collateral from the county.



                                          ​Now what?
                                          Comment
                                          • pulledclear
                                            SBR Hall of Famer
                                            • 02-19-12
                                            • 6684

                                            #22
                                            Sure fire way to fck up a city........


                                            Keep subsidizing these fckng monkeys.
                                            Comment
                                            • King Mayan
                                              SBR Posting Legend
                                              • 09-22-10
                                              • 21326

                                              #23
                                              so one "democrat" brought the whole red county of OC to its knees..

                                              You can't be this naive??
                                              Comment
                                              • Deuce
                                                BARRELED IN @ SBR!
                                                • 01-12-08
                                                • 29843

                                                #24
                                                Originally posted by King Mayan
                                                so one "democrat" brought the whole red county of OC to its knees..

                                                You can't be this naive??
                                                Can you read? Do I need to repost it? Think about what you just said.
                                                Comment
                                                • yahoonino
                                                  SBR MVP
                                                  • 08-10-07
                                                  • 2651

                                                  #25
                                                  what goin to happen to the 3 casino ,motor city greeck town and mgm ??? I live in Detroit for 35 years ,,im glad I live in florida now
                                                  Comment
                                                  • Deuce
                                                    BARRELED IN @ SBR!
                                                    • 01-12-08
                                                    • 29843

                                                    #26
                                                    Originally posted by yahoonino
                                                    what goin to happen to the 3 casino ,motor city greeck town and mgm ??? I live in Detroit for 35 years ,,im glad I live in florida now
                                                    Many of them already have financial woes. Motor City is owned by the Illitch family who owns Tigers/Red Wings. Greektown, Dan Gilbert bought a huge chunk of the shares at stake. The casino was facing bankruptcy. MGM is fine.
                                                    Comment
                                                    • King Mayan
                                                      SBR Posting Legend
                                                      • 09-22-10
                                                      • 21326

                                                      #27
                                                      Originally posted by Deuce
                                                      Can you read? Do I need to repost it? Think about what you just said.
                                                      Republicans appointed/voted for him(they knew what he was doing).. They chose not to raise taxes so they declared bankruptcy"not to pay their bills".. Simple as that.. You must think one man is to blame. naive indeed.
                                                      Comment
                                                      • Deuce
                                                        BARRELED IN @ SBR!
                                                        • 01-12-08
                                                        • 29843

                                                        #28
                                                        Originally posted by King Mayan
                                                        Republicans appointed him(they knew what he was doing).. They chose not to raise taxes so they declared bankruptcy"not to pay their bills".. Simple as that.. You must think one man is to blame. naive indeed.
                                                        You can twist it any way you want so you look like you have a clue but his strategies to take a gamble with investing ultimately buried the county. His strategy did work short term but the gamble didn't pay off when interest rates took a nose dive.

                                                        So back to square one, you stated the republicans drove the county into the ground when in fact it was the financial strategies of a democrat. Was it not?
                                                        Comment
                                                        • King Mayan
                                                          SBR Posting Legend
                                                          • 09-22-10
                                                          • 21326

                                                          #29
                                                          It's a republican stronghold and it filed for bankruptcy.. That's all you need to know.. For you to think that one man(a right leaning "democrat")brought a whole county to its knees is being naive.. He may have been part of the collapse but not entirely... And just remember blue states are more prosperous than red states.. So keep on with your politic bs.
                                                          Comment
                                                          • TheMoneyShot
                                                            BARRELED IN @ SBR!
                                                            • 02-14-07
                                                            • 28672

                                                            #30
                                                            Originally posted by THE_LOCKSMITH
                                                            "Detroit filed the largest-ever municipal bankruptcy in U.S. history on Thursday, marking a new low for a city that was the cradle of the U.S. automotive industry and setting the stage for a costly court battle with creditors"



                                                            I blame TheMoneyShot
                                                            Hey Lock! I want to give my 2 cents on this.... it might sound like I'm rambling... but I have a lot on my mind about this city.

                                                            1. You can put all the history photos of Detroit up like Deuce did. You can talk about the 1984 Tigers World Series. You can talk about the automotive industry back in the day... but the truth is simple. Life goes on. I'm not saddened at all. I remember my grandmother taking me to a Tigers game back in 1985... she's still alive at the age of 93 right now. God Bless her. You're going to remember a lot about Detroit. But I'm not saddened. You make your own bed. Period.

                                                            2. As for the Detroit's casinos. What a great way to get all the money back from the welfare checks Michigan dishes out every 1st of the month. Intelligent idea. Not being racist one bit... but every time I'm at the casino I hardly see any white dudes around. If there is any... they're in the poker rooms. I haven't been downtown in about 2 years now....

                                                            3. I've never been to Ford Field yet. I've never been to Comerica Park yet. Honestly... the city is not safe to me. You can't have any fun downtown anymore... without the risk of someone shooting your a$$ or hurting you.

                                                            4. Detroit's Fire Works a few weeks ago... some gang stirred up some sh#$ and started shooting people. People were getting trampled on. Little kids... scared... hurt... some severely.

                                                            Nope... not sad one bit about this city called Detroit. In the movie Robocop it was pretty ghetto. I believe the city even filed for bankruptcy in the movie. Make way for the new "Delta City"
                                                            Comment
                                                            • stevenash
                                                              Moderator
                                                              • 01-17-11
                                                              • 65723

                                                              #31
                                                              But Obama told us last year he refused to let Detroit go bankrupt.
                                                              Comment
                                                              • Wilfred
                                                                SBR MVP
                                                                • 08-19-12
                                                                • 1908

                                                                #32
                                                                If you are going to a Wings, Tigers, or Lions game you are safe. If you don't go down there looking for trouble, you're safe.
                                                                Comment
                                                                • I/O
                                                                  SBR Hall of Famer
                                                                  • 05-26-11
                                                                  • 7922

                                                                  #33
                                                                  Detroit should file for a massive air strike
                                                                  Comment
                                                                  • daneblazer
                                                                    BARRELED IN @ SBR!
                                                                    • 09-14-08
                                                                    • 27861

                                                                    #34
                                                                    Originally posted by Deuce
                                                                    Wonder how old that graph is? That should tell us something. The population now is like 700,000.
                                                                    Comment
                                                                    • TheMoneyShot
                                                                      BARRELED IN @ SBR!
                                                                      • 02-14-07
                                                                      • 28672

                                                                      #35
                                                                      I remember when Mayor Coleman A. Young was in office... he gave an interview one day... He said...

                                                                      "Detroit is a beautiful place... we have the People Mover."

                                                                      People Mover Facts
                                                                      Comment
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