Deficits = Debt =
Destruction
There are two familiar routes available to a bankrupt entity
– be it a person, a company or a municipal organization.
#1 – Cash in (liquidate), distribute the assets and shut
down, or
#2 – Restructure and take another swipe at survival.
Here is a brief list (gallows humor intended) of those who
lay claim to Detroit’s few remaining assets – the ones seeking distribution in
the liquidation alternative above. It
could be that only in Federal Bankruptcy Court, Chapter IX filings, can those
responsible for the subjects death show up in the courtroom to pick over the
few morsels of flesh left on the bones of their victim:
■ American Federation of
State, City and Municipal Employees
■ Amalgamated Transit
Union, Division 26
■ Assistant Supv. of
Street Maintenance & Construction Association
■ Association of City of
Detroit Supervisors
■ Association of Detroit
Engineers
■ Association of
Municipal Engineers
■ Association of
Municipal Inspectors
▪ Association of Professional Construction Inspectors
▪ Association of Professional Construction Inspectors
■ Association of
Professional & Technical Employees
■ Building &
Construction Trades Council
■ Detroit Fire Fighters
Association
■ Detroit Income Tax
Investigators Association
■ Detroit License
Investigators Association
■ Detroit Police Command
Officers Association
■ Detroit Police Lieut.
& Sergeants Association
■ Detroit Police Officers
Association
■ Dept. of Transportation
Foremens Association of America
■ EMS Officers
Association
■ Field Engineers
Association
■ I.U.O.E. Local 324
(Detroit Principal Clerks)
■ I.U.O.E. Local 324
(Operating Engineers)
■ I.U.O.E. Local 324
(Park Management)
■ Police Officers Labor
Council
■ Police Officers Association
of Michigan
■ Police Officers Labor
Council (Health)
■ Retired Detroit Police
& Fire Fighters Association
▪Sanitary, Chemists &
Technicians Association
■ Senior Accountants,
Analysts & Appraisers Association
■ Senior Water Systems
Chemist Association
■ SEIU Supervisory &
Non Supervisory
■ SEIU Professional &
Technical
Teamsters
■ UAW-PAA
■ UAW-WWTP Supervisors
■ UAW-Legal Assistants
■ UAW-Civilian Police
Investigators
■ Utility Workers Union
of America
■ Utility Workers Union
of America
■ Utility Workers Union
of America
■ Utility Workers Union
of America
PENSIONS
■ Police Fire Retirement
System
■ General Retirement
System
Source: Detroit Bankruptcy Filing
Source: Detroit Bankruptcy Filing
And, of course,
the bond holders, other financial entities, insurers and attorneys.
TheFundamentals
makes this suggestion – if anyone cares to take a crack at alternative #2
above, the one involving restructure/survival – we would suggest two things be
constitutionally prohibited, forever:
1.
Prohibit any arrangement, contract,
conversation or meeting with any of the above outfits or their successors or
replacements, ever, under any circumstance, and
2.
Prohibit any borrowing, even one cent, ever,
from anyone
In other words, use taxpayer funds to secure the goods and services for which they are collected, not for salaries and benefits for municipal employees. And, live within your means. This basic discipline will not guarantee success – but it will provide an opportunity for success. There are a few other modifications to our current rules and governance arrangements that are also needed but the two above would be a good start and relatively easy to implement, if anyone is so inclined.
No comments:
Post a Comment