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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.
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.
Documentary on Money as debt and where money comes from.
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.
Powerball winner Gloria C. Mackenzie, 84, leaves the lottery office escorted by her son Scott Mackenzie, right, after claiming a single lump-sum payment of about $370.9 million before taxes on Wednesday, June 5, 2013, in Tallahassee, Fla. Officials say she is the largest sole lottery winner in U.S. history.
Source: (AP Photo/Steve Cannon)
Title / Weekend Gross (in millions usd $$$)
photo by NBC San Diego
Three men in Pacific Beach, CA were arrested as part of a marijuana-trafficking ring that extended to multiple states. The bust was part of a yearlong investigation by U.S. Postal Service and the Southwest Border Anti-Money Laundering Unit, and the three bosses were accused of shipping between 10 and 20 pounds of weed to customers everywhere from Texas to Massachusetts. Investigators say the operation netted the men about $20,000 to $30,000 a week.
The trio—28-year-old Matthew Schneider, 25-year-old Kyle Gillen and 24-year-old Chris Gillen—was arrested on Wednesday. Authorities recovered 300 marijuana plants and $500,000 in assets including cars, an SKS rifle and shotgun and $35,000 in cash. All three of them have been charged with selling and transporting marijuana, conspiracy and money laundering.
Nigerian billionaire and Africa’s richest man Aliko Dangote has become the African entrepreneur to lay claim to a $20 billion fortune as the stock value of his largest holding, Dangote Cement, leaped just about three-fourths since March when Forbes released its annual ranking of the world’s richest people.
Aliko Dangote’s 93% stake in the cement company is now worth $19.5 billion. Add this to his controlling stakes in other publicly-listed companies like Dangote Sugar and National Salt Company of Nigeria and his significant shareholdings in other blue-chips like Zenith Bank, UBA Group and Dangote Flour; his extensive real estate portfolio, jets, yachts and current cash position, which includes more than $300 million in recently awarded Dangote Cement dividends, Dangote is now worth more than $20 billion. Read More
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