In this morning's news: Flint schools, insider trading, and a surprise mayoral candidate

Jul 26, 2013

Flint schools develop deficit plan

The Flint school district has a deficit elimination plan for the coming year.  School leaders approved the plan last night.  Michigan Radio’s Steve Carmody reports that the plan calls for job cuts and the closure of two elementary schools.

Former U of M doctor to testify in insider trading case

A former University of Michigan neurologist could serve as a key witness in an insider trading case.  SAC Capital Advisors has been charged with wire fraud and securities fraud.  According to Michigan Radio’s Steve Carmody, “one of the hedge fund portfolio managers indicted for securities fraud allegedly obtained information about a new Alzheimer’s drug from a University of Michigan neurologist in 2008.”  Dr. Sidney Gilman advised the company that the experimental drug was not going to be successful.

New candidate enters Detroit mayoral race

Mike Dugeon, a barber from Detroit, has announced his intent to run for mayor.  The hopeful write-in candidate announced his plan to run yesterday.  Alana Holland reports “Whoever is behind the campaign for the new entry Dugeon could potentially hurt Duggan's chances in the Aug. 6 primary.”