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Big Failures Cost Big Money

2:49 PM, Feb 5, 2014 • By GEOFFREY NORMAN
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Detroit’s government by machine-party politics (Democratic, in case you were wondering) resulted in the largest municipal bankruptcy in American history.  And the meter is still running.  As Reuters reports:

Detroit's price tag for lawyers, consultants and other professionals hit $13.7 million in the first 75 days of its historic bankruptcy, according to a report filed late Tuesday by a court-appointed fee examiner.

Sounds expensive until you consider the fact that:

… fees and expenses in the first 90 days of Chrysler's bankruptcy case, also led by Jones Day, totaled about $36 million for armies of lawyers, bankers and advisers from 13 different firms, according to court records in that case. Professional fees eventually topped $100 million in the Chrysler bankruptcy.

Still …  Bob Dylan did get a ballad out of it.  

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