One Wall Street wag is really in the wrong business. He recently penned a blog warning Cyprus could be the next Detroit.
Now we don't claim to be particularly devout. But we hope nobody tells Cyprus. We don't have any idea how much Paxil is available on that tiny Mediterranean island. But talk about bummers.
In case you've not been paying attention the Motor City just went bankrupt, though for now it's being called technically something else. A lot like California it's a place that's been run by the Democratic party since the days of The Edsel, one of Ford's most memorable snap, crackle and flops.
Now before anyone gets their panties twisted into a big Murphy, the facts are the facts. And here's another fact. Michigan Governor Rick Synder, a Republican, apparently with sloppy due diligence, vetted Orr before picking him, a fact that raises issues about Synder. But now questions are surfacing about a possible conflict of interest with the Washington law firm where Orr was once a partner, JonesDay.
On another burner Orr apparently had some back taxes due, taxes he claimed he only found out about recently when he read about it in the newspapers. Orr was appointed as emergency manager in-March this year.
Here's a quote about Orr from Wikipedia:
Between 2009 and 2012 the state of Maryland’s Office of Unemployment Insurance filed four liens against Orr's $1 million Chevy Chase, Maryland, home, for unpaid taxes on child care for his two children. Two liens totaling $15,797.68 from 2011 and 2012 were listed as unpaid at the time of Orr's appointment as Detroit emergency manager. Upon learning of what he described as an "embarrassing" oversight, Orr stated that he promptly paid off the liens the same day.[22]
[edit]
Orr's hiring might represent a conflict of interest. Here's a link to the rest of the story from today.
http://www.wxyz.com/dpp/news/region/detroit/detroit-city-council-examines-contract-between-city-and-em-kevyn-orrs-old-law-firm
No comments:
Post a Comment