There’s This Thing About Detroit

I have this news item that talks about the 101 Best and Brightest Companies To Work For. I’ve been sitting on it since June, or so. It’s major focus when it hit The Desk was the Chicago area for 2013. But it covers more than just Chicago. I’ll talk about those places in another post.

However, they do have a page about the 101 Best and Brightest Companies to Work for in Metro Detroit during 2012. The list of businesses based in Detroit is impressive. Under current circumstances, it’s surprising that Detroit is in the throes of its financial undoing. Who’s in Detroit? Try Domino’s Pizza, Enterprise Car Rental, AutoDesk, Easter Seals, Credit Acceptance, and Credential Check are just a few. With those names on the list, it would seem the business tax revenues would have formed a good cushion for the city to survive.

Unfortunately, those names were not sufficient to help the City with its wranglings over pension plans and other matters. So the City of Detroit filed for Chapter 9 bankruptcy on July 18, 2013. Why am I creating a blog post about this event? Because people who are willing to relocate for the sake of getting a better job want to know where things are clicking and future possibilities for their lives. How much competition is going on in their industry and what are the education foundations that will help build good lives for their kids? They want to know just how solid the future location is. And if they’re as astute as they should be, they’ve already researched the company(ies) they’re considering to get an idea of whether that’s a good choice.

I usually put in time to research the subject I’m blogging about and then summarize for your sake. And I usually include links to my sources so that you can read for yourself rather than rely on hearsay. But for this post, you’ll get the list of resources and headnotes. It’s simply too stunning for me to summarize. And it appears each story (each from very reliable news media that lean both left and right) has a unique slant that sees just about the same thing: Don’t go to Detroit; someone put poison in the finances well.

Resources:

• What Is Chapter 9 Bankruptcy?, David Haynes, former About.com Guide
• Detroit files for bankruptcy – Jul. 18, 2013 –
  Protestors in Detroit last month objected to plans to cut pension benefits of city workers and retirees. NEW YORK (CNNMoney) Detroit filed for bankruptcy …
• Detroit files for bankruptcy protection – USA TODAY: Latest
  DETROIT — The city of Detroit filed for Chapter 9 bankruptcy protection in federal court Thursday, laying the groundwork for a historic effort to bail out …
• Detroit Files for Bankruptcy – Businessweek
  Detroit filed for Chapter 9 bankruptcy this afternoon, making it the largest city in the U.S. to seek court protection. The city’s woes have been long …
• Detroit files for largest municipal bankruptcy in US history
  Detroit filed for the largest municipal bankruptcy in U.S. history Thursday after steep population and tax base declines sent it tumbling toward insolvency …
• Historic Day: Detroit Files For Bankruptcy « CBS Detroit
  Detroit has filed for a Chapter 9 bankruptcy protection — the biggest municipal filing in history.
• Detroit Files for Bankruptcy – Mashable
  The city of Detroit, Mich., has filed for bankruptcy, becoming the largest city in the history of the United States to do so. City officials filed for …
• Detroit Files For bankruptcy – Business Insider
  Detroit has filed for bankruptcy, the AP’s Ken Thomas reports. The full filing can be found below. “Right now, the City cannot meet its basic obligations …
• Detroit files for bankruptcy protection – Business – CBC News
  Once the very symbol of American industrial might, Detroit became the biggest U.S. city to file for bankruptcy Thursday, its finances ravaged and its neighbourhoods …
• Detroit: How the Motor City went bust – USA TODAY: Latest …
  DETROIT: Files bankruptcy. … July 18, 2013, the day that Detroit filed for Chapter 9 bankruptcy. (Photo: Brian Kaufman, Detroit Free Press) …
• Detroit files for bankruptcy, stage set for court fight | Reuters
  [Jul 19, 2013] The bankruptcy, if approved by a federal judge, would force Detroit’s thousands of creditors into negotiations with the city’s Emergency Manager Kevyn Orr …