What is left of detroit. Pension fund, union and debtholders scrambling for their cut after the city declared itself bankrupt. But what is happening in detroit may not stay there. It could have big implications for the rest of us. With us now from the Frontline Strategy company and with yard advisors. I am going to start with you, this is one of the most talked about bankruptcies before it even happens and certainly the largest that happened not too long ago. What do you make of this . It is a tale of two cities if you dont mind me. Stockton was a perfect storm of a very intense time of overspending, overpromising and under developing where detroit is a systematic breakdown of what would have been progressive policies in the social agenda front. I grew up south of detroit in ohio, went to the city on a regular basis. It was a magnificent place. To see it deteriorate or you have a huge pension obligations, the fact the tax base has left metropolitan area, building up over the last 15 to
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