While the Detroit bankruptcy hearings will not be televised, Detroit’s bankruptcy has replaced the George Zimmerman and Jodie Arias trials in the news cycle. Detroit is suddenly the focal point for nationwide discourse — the crisis de jour, so to speak.
While the country has seen a lot of major bankruptcy filings, none have involved a major city. While bankruptcy lawyers will point out that Detroit’s bankruptcy is very different from a large business bankruptcy like American Airlines, the comparison is inescapable. As two new publications demonstrate, the differences between a city’s decline into financial turmoil and a major company’s may not be that dramatic. Continue reading