As the city of Detroit moves through the process of bankruptcy, America looks on with interest at the fate of one of its largest cities. One new documentary, Bankrupt: How Cronyism and Corruption Brought Down Detroit, digs in to the factors of the town’s financial ruin.
The auto industry and public sectors have been predominately among them.
“Five years later [after the bailouts], the city of Detroit is bankrupt and almost $20 billion dollars in debt. Meanwhile, General Motors has a cash balance of over $20 billion, still owes the taxpayers over $10 billion dollars that outgoing CEO Dan Akerson said will not be paid, and the company continues to benefit from an unprecedented $18 billion tax gift from the bankruptcy.”