Saturday, March 15, 2014

"Monetizing" DWSD: Blood from a Turnip?

In attempting to finance the future Detroit partly by reaching into the wallets of suburban water customers, is Emergency Manager Kevyn Orr channeling Wall Street titans who construct elaborate financial schemes in self-serving gibberish? 

Or do we understand him best as an alchemist, a medieval philosopher and tinkerer looking for a way to make gold out of base metals?

Or is he simply an overburdened state functionary running out of time, in desperation falling back on flim-flam and bullying?

No matter the metaphor, without legitimate, informed negotiations with suburban leaders and a fair settlement, a bankruptcy-court-endorsed Orr cram-down will result in a decade of litigation and appeals, city and suburbs meanwhile drifting in the dark.

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