Governor Rick Snyder
Thu July 25, 2013
Snyder says Detroit should be "model" for municipal bankruptcy
Snyder says Detroit's bankruptcy was decades in the making. But he says now the problem is being addressed. Snyder says most other cities that have gone through bankruptcy waited too long before the process started. The governor says there have been positive developments in Detroit, but he says city government has prevented greater growth.
Two of Detroit's auto companies went through bankruptcy protection in 2009. Snyder says the car companies showed that a structured bankruptcy is a plus. He says now that the automakers are doing well, it shows that there can be success after the bankruptcy process.
When asked if bankruptcy for Detroit could mean the same fate for other financially-distressed cities like Benton Harbor , Snyder says bankruptcy is a last resort, and shouldn't be viewed as a new model for cities. He says each situation is unique.
Snyder was interviewed for WestSouthwest. The full interview will be heard Wednesday morning at 9:20.