Detroit’s government by machine-party politics (Democratic, in case you were wondering) resulted in the largest municipal bankruptcy in American history. And the meter is still running. As Reuters reports:
Detroit’s price tag for lawyers, consultants and other professionals hit $13.7 million in the first 75 days of its historic bankruptcy, according to a report filed late Tuesday by a court-appointed fee examiner.
Sounds expensive until you consider the fact that:
… fees and expenses in the first 90 days of Chrysler’s bankruptcy case, also led by Jones Day, totaled about $36 million for armies of lawyers, bankers and advisers from 13 different firms, according to court records in that case. Professional fees eventually topped $100 million in the Chrysler bankruptcy.
Still … Bob Dylan did get a ballad out of it.
