Former-Goldman Sachs VP: Detroit bankruptcy didn’t need to happen
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Metro Times) We dropped by Wayne State Universitys law school this morning to hear former Wallace Turbeville, former Goldman Sachs vice president and current senior fellow at Demos, highlight a report he published on Detroits bankruptcy last fall. In case you havent read it, Turbevilles findings dont exactly mesh with Detroit Emergency Manager Kevyn Orrs analysis of the citys fiscal picture.
Speaking inside the Damon J. Keith Center for Civil Rights on the second day of the Detroit Bankruptcy & Beyond conference, Turbeville offered some pointed remarks about the largest municipal bankruptcy in the nations history: The way he sees it, Detroits bankruptcy never had to happen, at all.
Turbeville has contended for some time that the citys $18 billion debt figure established by Orr is exaggerated, and, as Curt Guyette points out in Metro Times cover story from this week, misleading. He also reiterated his point that the city should be addressing its nearly $200 million budget shortfall, rather than long-term debt.
The city was tipped into this situation; it was largely a (lack) of revenue, he told the room. Expenses werent the problem. ......................(more)
The complete piece is at:
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