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July 18th, 2013
08:25 PM ET

Detroit files for bankruptcy: "Motown is Notown," says Bill Gross

The city of Detroit has officially filed for bankruptcy – it's the biggest city in america ever to go under.

Detroit files for bankruptcy

In the filing Detroit says:

  • Homicide rate is the highest in 40 years
  • 78,000 properties are abandoned
  • Emergency vehicles break down
  • Nearly half the street lights don't work.

The filing means 17 billion dollars in pension promises and debt could go down the drain - leaving tens of thousands of workers and American investors empty-handed.

Outfront tonight: Bill Gross, manager of the world's biggest mutual fund and Founder of PIMCO.

Filed under: Economy • News
soundoff (3 Responses)
  1. chris carlin

    I love the coverage of Detroit could they find any worse pictures of Detroit. I live near Detroit but surely there should be some nice pictures be fair Detroit is not that terrible.

    July 19, 2013 at 8:04 pm | Reply
  2. Joey at Purdue Univ

    "Detroit, there is a resilience that rises deep in your streets. You can't define it, but you can feel it. You can feel it overflowing from the people who call you home, from the people who will always probably declare, 'I'm from Detroit'.

    You took our country from its infancy to its industry. And your name still carries with it a nation built on steel, muscle and sweat. You became a city that carried a country. The city... is built on dreams. People who arrived here, driven to excel, who know that nothing is accomplished without hard work, without sacrifice. When you hurt, we hurt.

    Your streets witness our struggle. Your bricks are our rage through the emptiness of each house shuttered, of each factory closed. We've lived through the ups and the downs.

    But we remain, Detroit.

    We can never turn our backs on you Detroit, because we are you. My home, the home of Motown, Cadillac and Joe Louis. Through all this, we cannot be defeated, because we have never been defeated... You've built us, you've moved us, you've shaped us. Sometimes down, but never out. Take strength in us, your people...

    Stay up Detroit."

    (Eminem, Open Letter)

    July 18, 2013 at 11:45 pm | Reply
  3. arik fetscher

    Hate it but your choice either the hang their heads against the wall passion or the just make the money ane be quiet a d think intrivertedly of what was possible. I give a choice but its entirely yours. I have others who believe and care and its not fair of me to ask for more. so .........

    July 18, 2013 at 9:22 pm | Reply

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