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assets. a deal of this magnitude, we know we needed to take a time make sure the deal was advantageous for the city of detroit. if we can find other ways to garner revenue, that s my platform. john: but you can t. you re out of money. there are ways right now. fortunately we have an emergency manager and a looking to possibly sell assets to be is not our first priority. looking to slash employee ranks, negotiate bond debt. everything s on the table right now. we have to stop losing money and of the city forward, become financially solvent so that we can be a thriving city again. john: why not to before? we tried. keep in mind, this did happen overnight. thirty your 45 years in the making. the current council, the mayor under our watch, we try some things. we cannot go any further. we have a legacy costs, declining population, the plot
all assets to city council and a deal of this magnitude, we thought we need to take our time and make sure it was advantageous to the city of detroit. you can t find other ways. you re out of money. well, there are ways right now. fortunately we have a emergency manager and we re looking to possibly sell assets, not the first priority, looking to slash our employee ranks and pension system and negotiating bond debt. everything is on the table right now. we have to stop losing money and begin to move the city forward and become financially solvent so we can be a thriving city again. why only now? why not do it before? we tried and keep in mind, john, this didn t happen overnight. this is 30 or 45 years in the making and now this current councilman, mayor under our watch, we tried things and could not go further. we have a legacy cost, declining population, declining revenues.
some of the toughest critics of b.p. in all the world are here, too, and we ve been getting an earful from them about the incidents happening over in the gulf of mexico. now, b.p. they know has had a string of safety problems, a history of safety incidents. best known, a fire at a texas city refinery back in 2005 which left 15 people dead. many more injured. that and other problems including this latest spill put down to by these critics, cost cutting at b.p., profit seeking. that has singed the engineering staffing there forcing the company to spend more on subcontractors like the operator of the rig in question right now in the gulf of mexico and those contract workers according to critics, not too well supervised by b.p. for its part, b.p. officials here in london, as you can imagine, rebutt all of this. they say they ve been rebuilding the employee ranks, the subcontractors bring expertise and more importantly they say they ve been renewing safety procedures right now as we ve been
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