Also in this playlist...
This transcript is automatically generated
Thank you very much as Fox Business was first to report SEC capital.
Is likely to face criminal charges not just civil but first we have breaking news on early stage bailout talks for the city of Detroit -- -- -- a senior correspondent there.
-- before I take my victory lap you want -- to actually do some work here.
-- I will this and this is very early stage -- we don't know what's gonna happen is my book we'll talk about that a little bit later which would SEC.
But early stage talks they -- talk about inside Detroit.
As a way bailing them out.
Radically downsizing this city how do -- do that the state takes over possible land land is sold.
Lot of that vacant land is sold sold to private equity but inside the boardroom and -- a border right now you know this guy or who's the city manager appointed by the governor.
You know he's looking at post bankruptcy -- -- we come out of this and how does Detroit survive what we understand is still looking to survive.
As a radically smaller city it's a it's a 139 square miles Detroit is a huge -- from land wise does have a lot of population as -- -- million copies of what some of 2000 lots of middle class flight from the -- huge portions of the city.
-- is is it that you yelled and people of -- -- -- their streets with one house race that has talked right so now he is the theory now this is instead of -- and but I don't think that the trick as the financial I just as it is they're talking with them.
And we are here from officials close to this bankruptcy through -- -- talks inside is that they're looking at radically downsizing the city how do you do that.
-- -- that this is very early but they are talking about it and when you radically downsized the state takes over some stuff.
Eminent domain -- whatever and then at some point have a private industry stepped in.
Take over that land and start re building it -- something and private equity.
May be the way they go on -- they're talking about private -- we should talk about private equity.
And and hedge funds are involved in this in sorting out there there are buying up -- just right housing and you don't -- -- -- by some of the bonds on pennies on the dollar so.
There's the Wall Street's involved in this don't -- that don't even though the -- in the bottle as they are.
And with a very -- cheap house go to Detroit now there is a theory here okay now Detroit's got a lot of crime but it's.
A -- crime that's basically.
You know isolated to the places where their people.
Member of large parts of this -- are banned and if you do eminent domain can knock down that.
Well then you could build a -- city of that is essentially what they're thinking it's early stage it's it's basically.
It's involving the city the city manager was appointed by the state.
And they're a little Ressa has Renaissance that's evident that bankruptcy as some that some of their some of their financial -- But I'm telling you this is what's going on inside and this will be.
When we come out of -- and it's -- it's just taking shape now it's our opportunity here there is.
I think so but this will be a big business or this will be something and Fox Business will put its flag down now.
I'm telling you.
That's what they're looking at that -- future.
Somehow some way to radically downsize a -- which is way too big -- that's the problem you can't.
Is it that they don't have enough money to police the entire city which is huge right there a 139 square miles the number I got here -- and New York City.
Like I think I think I heard and statistic that you put Manhattan.
In Chicago and maybe even like Boston together.
It fits inside -- -- I heard some.
Analogy that you put a bunch of these pieces of cities at Manhattan not a whole New York's a gigantic if this is a huge huge piece of land.
They have professional sports that are alive and capsule of red wings the -- you've got.
You've probably don't they have river -- don't ever performed the US and I -- -- the LA -- might wait for news right now all I'm just saying that.
Okay it's really bad there okay no doubt they just defaulted there bankruptcy.
But there is a way out they are talking about it.
And there and you know one way Detroit survives is if it's more -- -- Real business comment but -- remember the real business the real Detroit will be a -- -- -- -- SEC would you Saxony.
You and I've been told about this you know get -- the -- the journal the times.
We would tell you this for days one I I have to -- currently sky I have to give kudos to -- my colleagues at the journal times.
They get the timing right you know they talk about it imminently but we were told about two days ago.
There will be a criminal charge.
On on on SEC capital not Steve -- SEC because they believe meaning -- that federal federal officials in the government the Justice Department believes.
At bottom I must say this they believe it it's a criminal enterprise and they want to put it out of business and the likelihood of indictment is very high but we understand that if you if.
They may be settlement.
We'll be -- very -- settlement and.
You hear erred to auto specifically not -- not yet to natural thing I think at some point I don't think he's out of the woods -- just me.
I don't -- that -- but if you want the setup that is how we're right up to this.
Read my book my books it's not the Charlie Gasparino.
So big -- -- -- -- thank you so much attacked Scott.
Filter by section