Detroit's Bing, Orr on City's Bankruptcy Petition

July 18 (Bloomberg) -- Detroit Mayor Dave Bing and Kevyn Orr, the city's emergency manager, speak at a news conference about Detroit's decision to file for bankruptcy as it tries to eliminate a budget deficit and cut long-term debt. The city listed assets and debt of more than $1 billion in a Chapter 9 petition filed today in court in Detroit. Chapter 9 of the U.S. Bankruptcy Code is reserved for municipalities and differs from the rules used by bankrupt companies in Chapter 11. (Source: Bloomberg)
Jamie Dimon Joins Billionaire Club, Worth $1.1B
47:12 - Jamie Dimon, who helped assemble Citigroup and then improved on the experiment with JPMorgan Chase, is responsible for two of the biggest banks the world has ever seen. His life’s work also made him rich. Bloomberg's Hugh Son reports on “Bloomberg Markets.” (Source: Bloomberg)
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