ROMULUS, Mich. (AP) — Detroit’s emergency manager says the city is defaulting on about $2.5 billion of debt.

Kevyn Orr said Friday that Detroit is asking creditors to take about 10 cents on the dollar of what they’re owed. Underfunded pension claims will get less.

Orr spent about two hours Friday morning with dozens of people representing banks, insurers and companies holding Detroit debt. He told reporters earlier at an airport hotel in Romulus he wants to fix fiscal problems that have made the city insolvent.

He has instituted a moratorium on all of Detroit’s payments on unsecured debt, seeking forgiveness of millions of dollars owed by the city.

He also said $1.25 billion will be set aside over 10 years for public safety, lighting and neighborhood blight elimination.

Highest Paid Athletes [infographic]

By GWOP

June 14, 2013

GWOP

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U.S.A. 16 and Under National Basketball Team May Be as Dominant as the Dream Team

By GWOP

June 13, 2013

seventh woods

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The current USA U-16 national team may be as dominant as the Dream Team

Here is the U16 finalists dunking around after practice. Video features Seventh Woods, Josh Jackson, Malik Monk, and Terrance Ferguson.

16 under Team USA rolled to a 130-31 opening victory in the FIBA Americas Championship on Tuesday against Mexico.

99 points is the largest margin of victory than the original Dream Team or any U.S. senior national team has ever.

Magician Does Magic Tricks For The Homeless Turns $1 Into $100

By GWOP

June 12, 2013

Stuart Edge

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Stuart Edge filmed this video around in Provo and Orem, Ut. He basically just drove around all day looking for people who were panhandling on the side of the road and performed a magic trick turning $1 into $100, giving homeless people money out of his own pocket.

Hip Hop Album Sales: The Week Ending 6/9/2013

By GWOP

June 12, 2013

GWOP

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Hip Hop Album Sales: The Week Ending 6/9/2013

#2. Daft Punk – Random Access Memories – 62,000 (494,000)

#11. The Great Gatsby Soundtrack – 24,000 (347,000)

#12. Macklemore & Ryan Lewis – The Heist – 22,000 (798,000)

#34. Lil Wayne – I Am Not A Human Being II – 11,000 (476,000)

#35. French Montana – Excuse My French – 11,000 (85,000)

#40. The-Dream – IV Play – 9,100 (32,000)

#51. Kendrick Lamar – good kid, m.A.A.d city – 8,100 (921,000)

#75. Kid Ink – Almost Home EP – 5,300 (20,000)

#123. will.i.am – #willpower – 3,300 (58,000)

#166. Beastie Boys – Licensed To Ill – 2,600 (5,749,000)

^{* data comes from Nielsen Soundscan, rounded to nearest thousandth for units above 10,000, nearest hundredth for units below 10,000.}

Google Close to Buying Waze for $1.3 Billion

By GWOP

June 9, 2013

GWOP

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Waze-app4

Google is set to acquire much sought-after Israeli navigation app startup Waze, after the two companies agreed in principle to most term, including a price tag exceeding $1.3 billion in cash, sources said Sunday.

source

Michigan To Get $100M To Demolish Vacant Houses

By GWOP

June 9, 2013

Rick Snyder

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LANSING (AP) – Michigan will receive $100 million from the federal government to tear down thousands of vacant houses and clean up struggling neighborhoods in Detroit and four other cities.

The pilot program to address blight was approved Thursday by the U.S. Treasury Department, according to Gov. Rick Snyder.

The money comes from the Hardest Hit Fund and will be used in Detroit, Flint, Grand Rapids, Pontiac and Saginaw. The fund was created in 2010 to help states struggling through the economic and mortgage crisis.

It isn’t clear how much money each city will receive.
Flint had more than 5,800 vacant homes and Grand Rapids over 2,700, according to estimates in the 2010 U.S. Census. Detroit has more than 30,000 vacant and abandoned houses.

#GWOP Throwback Video of The Day:

Gumbo Fam “Detroit Newz”

Where Does Money Come From? [documentary]

By GWOP

June 9, 2013

GWOP

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Documentary on Money as debt and where money comes from.

DD172 SOUTH PRESENTS : KING DUSKO

By GWOP

June 8, 2013

Dame Dash

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DD172 SOUTH brings you King Dusko, an art gallery, beer garden, wine bar and coffee shop all wrapped into one. Located in the heart of downtown Charleston, South Carolina

King Dusko – 541 King Street , Charleston, South Carolina

15 Year Old Entrepreneur Scores Over $1 Million In Sales

By GWOP

June 7, 2013

madison robinson

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15-year-old Madison Robinson or “Maddie” from Galveston, Texas is on track to make a serious profit in the clothing industry.

Robinson’s company, Fish Flops, makes apparel for children and it all began with her designs for flip flops which she’s been thinking up herself since coming up with the idea in 2006. Most recently, pitching her wares to retailers, her company has signed a deal with both Macy’s and Nordstrom .

The shoes go for about $25 a pair and Robinson has sold more than 60,000, according to a report.
Source

The Dream “Turnt” featuring Beyoncé & 2 Chainz [NSFW]

By GWOP

June 7, 2013

2 Chainz, Beyonce, The Dream

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Promotional video for The-Dream – #GIMMESOMEIVPLAY “Turnt” ft. Beyonce & 2 Chainz

the-dreammusic.com

Kanye West $4.5 Million Minimalist Apartment Sold [pics]

By GWOP

June 6, 2013

GWOP, Kanye West

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Designed by Claudio Silvesrtin. Yeezy’s New York apartment sold to an undisclosed buyer for $4.5 million according to sources. Checkout more pics after the jump.