Detroit bankruptcy: A former New York lieutenant governor was among the candidates interviewed Friday as a possible expert in the Detroit bankruptcy case.
Judge Steven Rhodes said he wants a set of fresh, experienced eyes to offer opinions as Detroit tries to emerge from bankruptcy this year, and questioned Richard Ravitch and others Friday in court. Rhodes said during the proceedings that he expected to decide later Friday or by Monday, but a court spokesman said in a statement afterward that no timetable for a decision was determined.
Ravitch, 80, has had a long career in public service and has been outspoken about financial risks faced by states and local governments. He told The Associated Press that many promises no longer are affordable.
Ravitch contends Detroit is the most dramatic example of "what happens when you kick the can down the road." He said Detroit's problems are larger than those experienced in New York City, which he helped keep from filing for Chapter 9 in the 1970s.