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Books > Business & Money > Economics > Public Finance > 0393248917
  1. Detroit Resurrected: To Bankruptcy and Back
    Detroit Resurrected: To Bankruptcy and Back
    Detroit Resurrected: To Bankruptcy and Back
    Image(s) provided for illustrative purposes and may differ from the actual product
  2. Detroit Resurrected: To Bankruptcy and Back

    Delivery: 10-20 Working Days
    Customer Ratings (19 reviews)
    Price R672.00

Additional Information

What happens when an iconic American city goes broke?

At exactly 4:06 p.m. on July 18, 2013, the city of Detroit filed for bankruptcy. It was the largest municipal bankruptcy in American history―the Motor City had finally hit rock bottom. But what led to that fateful day, and how did the city survive the perilous months that followed?

In Detroit Resurrected, Nathan Bomey delivers the inside story of the fight to save Detroit against impossible odds. Bomey, who covered the bankruptcy for the Detroit Free Press, provides a gripping account of the tremendous clash between lawyers, judges, bankers, union leaders, politicians, philanthropists, and the people of Detroit themselves.

The battle to rescue this iconic city pulled together those who believed in its future―despite their differences. Help came in the form of Republican governor Rick Snyder, a technocrat who famously called himself “one tough nerd”; emergency manager Kevyn Orr, a sharp-shooting lawyer and “yellow-dog Democrat”; and judges Steven Rhodes and Gerald Rosen, the key architects of the grand bargain that would give the city a second chance at life.

Detroit had a long way to go. Facing a legacy of broken promises, the city had to seek unprecedented sacrifices from retirees and union leaders, who fought for their pensions and benefits. It had to confront the consequences of years of municipal corruption while warding off Wall Street bond insurers who demanded their money back. And it had to consider liquidating the Detroit Institute of Arts, whose world-class collection became an object of desire for the city’s numerous creditors. In a tight, suspenseful narrative, Detroit Resurrected reveals the tricky path to rescuing the city from $18 billion in debt and giving new hope to its citizens.

Based on hundreds of exclusive interviews, insider sources, and thousands of records, Detroit Resurrected gives a sweeping account of financial ruin, backroom intrigue, and political rebirth in the struggle to reinvent one of America’s iconic cities.

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Nathan Bomey
W. W. Norton & Company
W. W. Norton & Company
W. W. Norton & Company
W. W. Norton & Company
Most Helpful Customer Reviews

Nathan Bomey created a compelling narrative out of the bankruptcy workout of Detroit, lasting from July 2013 to December 2014. One expects an epic fight from the largest municipal bankruptcy ever (so far), but what I came across was unexpected – a fast-paced narrative detailing the major players, and most importantly, letting those players explain themselves.

(An aside: for the prim, I will warn there’s a lot of “NYC language” coming from particular players. It’s not Games-of-Thrones bad; after all, nobody gets killed (SPOILER ALERT!), no sexy romps, and definitely a dearth of direwolves. But yes, plenty of strong opinions uttered using vulgarities.)

It was so refreshing to see the narrative played out where there are no real villains except some hazy groups (like a hapless City Council) and the definitely-named Kwame Kilpatrick. But he’s off-stage by the beginning of the book, being bundled off to federal prison, along with... Read more
An excellent tick-tock of Detroit's bankruptcy, and a detailed, fair description of the many colorful characters involved. If you're interested in Detroit, in urban governance, in bankruptcy law, or just how a community responds to (a partly self-made) catastrophe, you'll find this book hard to put down. The only shortcoming is in its description of the dubious financial instruments that hastened the bankruptcy and complicated its resolution: there's a very interesting Wall Street outrage buried in there, but Mr. Bomey doesn't give them enough attention, explanation, and analysis to make this aspect of the story easy to understand. But that's a minor shortcoming of a truly excellent book.
The author managed to explain the intricacies of the largest municipal bankruptcy in US history so that I as a lay reader felt as if I understood it. I enjoyed the portraits of the various participants. They added depth to what could have been a dry recital of events. Even knowing how it ended, I felt the suspense building as each party negotiated and settled. The author ends on an optimistic note. I hope it is justified.
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