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November 12, 2014
Detroit’s voters pose a threat to the success of a $7 billion debt-cutting plan, according to Martha E.M. Kopacz, Senior Managing Director at Phoenix Management Services, the financial expert hired by the federal judge overseeing the city’s historic bankruptcy.
U.S. Bankruptcy Judge Steven Rhodes appointed Kopacz to write a report on whether the city’s proposal and its 10-year financial projections were reasonable. She agreed that they were, and testified at a two-month trial on the feasibility of the plan, which the judge approved yesterday.
“As a society, we believe in democracy, but there comes a time when the political machinery simply fails,” Kopacz said in an interview. “Once control goes back to the electorate, you are going to run the risk they could elect somebody that is not as capable.” Click here to read the article.
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