Detroit Result of Years of Benign Neglect: Miller

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Sept. 5 (Bloomberg) -- In today's "This Matters Now," Harvey Miller, partner at Weil, Gotshal & Manges, talks with Tom Keene about the biggest misconceptions about the bankruptcy in Detroit and why it is different from other municipal bankruptcies in the United States. He speaks on Bloomberg Television's "Bloomberg Surveillance."

Harvey miller.

He is watching detroit.

Not the detroit tigers.

They lost last night to the red sox 20-4. mr.

Miller is focused on a serious matter of a city that is flat broke.

The misconception of municipal bankruptcy.

What is the thing that drives you nuts about the recovery -- the covers of detroit bankruptcy?

All of the speculation of what will happen to detroit.

Chapter 9 is not a process that has been used much.

It is a very different case from birmingham or harrisburg, pa., which had unique problems.

Detroit is the result of years and years of benign neglect.

It seems that people want to make the law before we do the law.

Who decides the pension questions and the more sophisticated questions?

The legal questions will be decided by the bankruptcy court with oversight by the district court.

The 10th amendment preserves states postal rights.

The chapter nine court is limited in what -- the 10th amendment preserves states's rights.

The chapter nine court is limited in what it can do.

They had to change the whole plan.

The problem with detroit is that you do not have an economic base.

Somebody has to come up with a plan that creates a foundation under chapter 9. you have a declining population.

You have very few real taxpayers.

It is almost an insurmountable problem.

Do you presume that some of this will end up in the supreme court because it is our original lot?

It may very well in the believe the supreme court.

That is a long process.

You have an emergency situation right now.

People who have jobs and can move elsewhere will get out of the chart.

You have all of these areas where you have those two or three homes in a subdivision and the rest is wrecked houses.

Harvey miller on detroit.

President obama and mr.

Putin will be in the same place at the same time since a most intense meeting.

Good morning.

It's "bloomberg surveillance." ?

This text has been automatically generated. It may not be 100% accurate.


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