Bankrupt Cities Using Emergency Financial Managers to Recover

A growing number of cities have been saved from bankruptcy by private-sector, for-profit consultants granted sweeping powers to modify, reject, terminate and renegotiate contracts, including union contracts. They can also amend budgets, determine staffing, eliminate departments and remove members of local pension boards, as well as overrule mayors, city councils and other elected officials. What Old Man Potter tried to do to Bedford Falls in the movie "It's A Wonderful Life" -- get his...Full Story
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