Opinion: Detroit Bankruptcy Tougher to Fix Than GM and Chrysler’s

Friday, 19 July 2013 | by Pat's Picks

Steven Rattner was the guy who got General Motors and Chrysler through their Chapter 11 filings relatively painlessly. His advice to the people who’ll do the same thing for the city of Detroit: “Good luck, pal, your job looks tougher than mine was.” In an interview with Tom Walsh of the Free-Press, Rattner said it will be much harder for the city to emerge from bankruptcy as it was for the two auto giants because of two key differences: the TARP money that allowed Chrysler and GM to keep running and the ability to bank on rising profits in the future.

SOURCE: Detroit Free Press