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-- the headline story of the day once again that will be Detroit filing for bankruptcy.
-- ash -- -- -- to Detroit the city of Detroit he is here with us in New York mark welcomed the program.
Thank you very much great to be here right at the end of the day when a bankruptcy judges made all of the decisions that have to be -- Give me -- best estimate on how big a hit.
The retired city workers 20000 of them are gonna take that -- so I'll take it back to the comment that you were just making Stewart you were saying it would Microsoft stock declining it's not exactly good for your retirement plans right so when an organization doesn't perform well.
Show that affects people's pensions so they'll they'll get hit come -- you -- know the numbers they're called bigots they're gonna have.
Have to make changes thought the whole idea -- but probably gonna hit mom but the whole idea of a public pension is to prepare for your golden years.
Not to be gold plated a taxpayer's expense.
There's gonna have to be changes they clearly how you know they'll come on I've got I've got to have a number here on hearing that they -- the retirees.
Twenty cents on the Paula if that lucky that will be an 80% Cox in that monthly checks.
Is it -- back talked you gotta get a number I would get a sense of proportion on this the average benefits for employ Republican play across the country is 35%.
In Detroit it's ninety.
That's 31 so use that for your math and figure out what might happen with pensions that's how big agreed to a one that's how big -- hit you might think might happen 35% across the country.
90% in Detroit okay.
The creditors at the end of the day the bankruptcy judge makes all the decisions at the end of the day.
How big -- hit to the creditors take.
Well -- -- -- look at the creditors I think different than the pensioners because the engineers most of them live there they're Detroit the creditors.
There have been a different kind of different -- you're you're gonna look at those I think handled a different way.
There are 100000.
-- -- the list is massive.
I think you're gonna see them take a huge Erica occasionally if you're talking about a two stood hits for retirees.
You say that credit does take a -- hit.
How much -- I think you'll see -- be appreciably larger ten cents on the dollar that's only get they were offering pennies on the dollar.
I knew they got sold again and again I think -- -- nobody's gonna bail -- the -- it is you can see 90% losses there -- -- it.
Now you've got a history in this because I believe he once ran on the what the public transportation system in Rochester New York we'd demonstrate -- -- around we demonstrated it it's possible.
To run a public agency.
What a private sector mindset we ran a public agency we cut fares multi million dollar surpluses reduced our reliance on taxpayer dollars and we took that to Detroit last year saved them 39 million dollars on their transit system so it can be done.
Even in -- community -- is challenged on Friday are you saying that if you wipe out this eighteen billion dollars worth of debt some -- they just want to get off the books for heaven's sake and Detroit stops again.
You can get it could -- look there is a culture of corruption in Detroit that needs to be dealt with I -- give you one example.
We found one employee -- who we were working with across the country that job would pay 80000 dollars a year.
She was making 450000.
Dollars a year.
Was that a government job in Detroit city government you've that you've got to get to those issues those issues that are at the core of corruption market ash you know what -- talked about thanks for joining us appreciate it so.
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