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HELP NEEDED Detroit Deemed a 'Financial Emergency' Bill Pugliano/Getty

Detroit Deemed 'Financial Emergency'

Motown's lost its mojo. Michigan Governor Rick Snyder is reportedly close to enacting a takeover of The Motor City following a team review—which he ordered—that claimed the city is in a state of "financial emergency." Detroit's sinking economy is nothing new, but after a myriad of attempts to pull it out of financial ruin, Gov. Snyder is losing patience. Detroit Mayor Dave Bing, who opposes the idea of an "emergency financial manager," said the declaration by the Gov.'s review team wasn't surprising. Still, he's reluctant to handover the reins to the powers above. If the team's calculations are right—claiming the city's deficit will reach $100 million by June 30—he might have no choice.

February 20, 2013 11:52 AM