Detroit's bankruptcy, one year later

Jul 17, 2014

Detroit skyline.
Credit user JSFauxtaugraphy / Flickr

Tomorrow afternoon at 4:06 is the one-year anniversary of the largest municipal bankruptcy in American history.

Detroit News Business Columnist Daniel Howes has been talking with top business leaders in Detroit for a "temperature check" on how this first year has gone.

He said that the kind of leadership and coalescence that happened in the past year was something he’s never seen before in this community.

“What people see is a real confluence of leadership. We have a very unique period in time where we have a republican governor who’s not acting like a caricature republican in Lansing,  and a mayor of Detroit who’s not acting like a stereotypical democrat – He tends to be pro-business and moves quickly,” Howes said.

Howes also credited Kevyn Orr and his bankruptcy team, suburban leaders and tax payers, and a majority of pensioners who showed support trying to get the "grand bargain" finished. 

Howes pointed out the broad coalition of leaders happening in the business community as well. In his Detroit News blog today he quoted: 

“And then you had the bankruptcy,” said Dan Loepp, CEO of Blue Cross Blue Shield of Michigan, which Thursday pledged $2.5 million to the DIA “grand bargain” effort. “No one wanted to let go. You had a combination of people just not letting go — and they continue to invest.”

"People just don't want to let go. They want to be part of this turn around story and do whatever they can to help... These are meaningful things and they are symbolic to the people that live here," Howes said.

* Listen to full interview above.