Detroit - charitable foundations come up $330,000,000 to hasten the city's return from bankruptcy

  • Posted by a hidden member.
    Log in to view his profile

    Jan 15, 2014 2:23 PM GMT
    http://www.detroitnews.com/article/20140115/OPINION01/301150004/1008/OPINION01/Foundations-pave-way-out-bankruptcy

    "Detroit has ever experienced, a coalition of local and national charitable foundations has come up with $330 million — so far — to spare the Detroit Institute of Arts and the pensions of public employees from the creditors howling at the city’s door."
  • Posted by a hidden member.
    Log in to view his profile

    Jan 15, 2014 2:41 PM GMT
    freedomisntfree saidhttp://www.detroitnews.com/article/20140115/OPINION01/301150004/1008/OPINION01/Foundations-pave-way-out-bankruptcy

    "Detroit has ever experienced, a coalition of local and national charitable foundations has come up with $330 million — so far — to spare the Detroit Institute of Arts and the pensions of public employees from the creditors howling at the city’s door."


    This seems silly on its face. Why would they put up funds in order to bail the city out now of pensions they can't afford when similar issues could happen again in the future?

    A better solution would be to figure out how to buy the art from the city currently being held hostage by the unions.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 15, 2014 2:50 PM GMT
    riddler78 said
    freedomisntfree saidhttp://www.detroitnews.com/article/20140115/OPINION01/301150004/1008/OPINION01/Foundations-pave-way-out-bankruptcy

    "Detroit has ever experienced, a coalition of local and national charitable foundations has come up with $330 million — so far — to spare the Detroit Institute of Arts and the pensions of public employees from the creditors howling at the city’s door."


    This seems silly on its face. Why would they put up funds in order to bail the city out now of pensions they can't afford when similar issues could happen again in the future?

    A better solution would be to figure out how to buy the art from the city currently being held hostage by the unions.


    Much of the art was gifted with a restriction that it never be sold and remain in the gallery. I don't know the details other than that.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 15, 2014 3:23 PM GMT
    riddler78 said
    freedomisntfree saidhttp://www.detroitnews.com/article/20140115/OPINION01/301150004/1008/OPINION01/Foundations-pave-way-out-bankruptcy

    "Detroit has ever experienced, a coalition of local and national charitable foundations has come up with $330 million — so far — to spare the Detroit Institute of Arts and the pensions of public employees from the creditors howling at the city’s door."


    This seems silly on its face. Why would they put up funds in order to bail the city out now of pensions they can't afford when similar issues could happen again in the future?

    A better solution would be to figure out how to buy the art from the city currently being held hostage by the unions.

    1. The art is a public trust.
    2. One day someone will explain to you---slowly and carefully---what "public" means.
    3. The city isn't, and never was, hostage to the unions. This is simply more of your ignorant malarkey.
    4. The bankruptcy of the city coffers was not caused by pension obligations. The average pension for Detroit city workers---which will no doubt be reduced---is $19,000 a year. Explain how people are supposed to live on less than that.
    5. The city's finances are a shambles because of previous administrations that looted its treasury illegally, and because the tax base has all but disappeared. This has nothing to do with politics, it has to do with racism.
    6. One day you should try to learn a little humility in talking about things you don't understand. I doubt it will happen, but it ought to.
    7. I grew up there and lived through these events. You read about them on right-wing news sites. Let's see, which is a more reliable source of information? If you guessed "not you", you'd be correct. Actually, that's always true of you.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 15, 2014 3:47 PM GMT
    Aristoshark said
    riddler78 said
    freedomisntfree saidhttp://www.detroitnews.com/article/20140115/OPINION01/301150004/1008/OPINION01/Foundations-pave-way-out-bankruptcy

    "Detroit has ever experienced, a coalition of local and national charitable foundations has come up with $330 million — so far — to spare the Detroit Institute of Arts and the pensions of public employees from the creditors howling at the city’s door."


    This seems silly on its face. Why would they put up funds in order to bail the city out now of pensions they can't afford when similar issues could happen again in the future?

    A better solution would be to figure out how to buy the art from the city currently being held hostage by the unions.

    1. The art is a public trust.
    2. One day someone will explain to you---slowly and carefully---what "public" means.
    3. The city isn't, and never was, hostage to the unions. This is simply more of your ignorant malarkey.
    4. The bankruptcy of the city coffers was not caused by pension obligations. The average pension for Detroit city workers---which will no doubt be reduced---is $19,000 a year. Explain how people are supposed to live on less than that.
    5. The city's finances are a shambles because of previous administrations that looted its treasury illegally, and because the tax base has all but disappeared. This has nothing to do with politics, it has to do with racism.
    6. One day you should try to learn a little humility in talking about things you don't understand. I doubt it will happen, but it ought to.
    7. I grew up there and lived through these events. You read about them on right-wing news sites. Let's see, which is a more reliable source of information? If you guessed "not you", you'd be correct. Actually, that's always true of you.


    Talk about dumb - you seem to so willingly ignore the Christmas bonuses and death benefits to ineligible families of workers over the years. You think the depletion of the pension fund was because of... racism? And you think you're a better source of information? icon_lol.gif

    And then let's ignore the small fact that it's also the city's public union which has put pressure on the city to sell art in order to fund the pension fund. Further, the bankruptcy court doesn't seem to agree with your personal views. But I mean what does the bankruptcy court know? You so clearly you know better. From one of those "right wing sources":
    https://www.wsws.org/en/articles/2013/12/03/rule-d03.html

    Humility? That'd be more forthcoming if I wasn't aware of some of the actual politics. Its tax base has all but disappeared because of the many policies you were happy to support over the years but you're far too naive and willing to spend other people's money, understand too little of the finance/math to see the connection. And that's always been true of you.
  • conservativej...

    Posts: 2465

    Jan 15, 2014 7:01 PM GMT
    riddler78 said
    freedomisntfree saidhttp://www.detroitnews.com/article/20140115/OPINION01/301150004/1008/OPINION01/Foundations-pave-way-out-bankruptcy

    "Detroit has ever experienced, a coalition of local and national charitable foundations has come up with $330 million — so far — to spare the Detroit Institute of Arts and the pensions of public employees from the creditors howling at the city’s door."


    This seems silly on its face. Why would they put up funds in order to bail the city out now of pensions they can't afford when similar issues could happen again in the future?

    A better solution would be to figure out how to buy the art from the city currently being held hostage by the unions.


    The primary charities are: The Community Foundation for Southeast Michigan, The William Davidson Foundation, The Fred A. and Barbara M. Erb Family Foundation, The Ford Foundation, The Hudson-Webber Foundation, The Kresge Foundation (K-Mart), The John S. and James L. Knight Foundation, The McGregor Fund, and The Charles Stewart Mott Foundation.

    The above are all primarily charities that have supported the extortion habits of unions for decades. They are giving based on their own choice. I have no problem with that. In fact, I have received requests from several charities of their ilk for support in the last 4 or 5 years, typically in the form of wishing to dispose of assets in order to turn them into cash. Many of the large liberal charities are in perilous condition themselves as earnings on their grantor's cash of years past is earning little these days. If they transfer a huge portion of their assets to Detroit it will only hasten their demise from the playing field of politics, which they so deserve to be removed from. (And yes, charities play politics.)

  • Posted by a hidden member.
    Log in to view his profile

    Jan 15, 2014 7:46 PM GMT
    riddler78 said
    Aristoshark said
    riddler78 said
    freedomisntfree saidhttp://www.detroitnews.com/article/20140115/OPINION01/301150004/1008/OPINION01/Foundations-pave-way-out-bankruptcy

    "Detroit has ever experienced, a coalition of local and national charitable foundations has come up with $330 million — so far — to spare the Detroit Institute of Arts and the pensions of public employees from the creditors howling at the city’s door."


    This seems silly on its face. Why would they put up funds in order to bail the city out now of pensions they can't afford when similar issues could happen again in the future?

    A better solution would be to figure out how to buy the art from the city currently being held hostage by the unions.

    1. The art is a public trust.
    2. One day someone will explain to you---slowly and carefully---what "public" means.
    3. The city isn't, and never was, hostage to the unions. This is simply more of your ignorant malarkey.
    4. The bankruptcy of the city coffers was not caused by pension obligations. The average pension for Detroit city workers---which will no doubt be reduced---is $19,000 a year. Explain how people are supposed to live on less than that.
    5. The city's finances are a shambles because of previous administrations that looted its treasury illegally, and because the tax base has all but disappeared. This has nothing to do with politics, it has to do with racism.
    6. One day you should try to learn a little humility in talking about things you don't understand. I doubt it will happen, but it ought to.
    7. I grew up there and lived through these events. You read about them on right-wing news sites. Let's see, which is a more reliable source of information? If you guessed "not you", you'd be correct. Actually, that's always true of you.


    Talk about dumb - you seem to so willingly ignore the Christmas bonuses and death benefits to ineligible families of workers over the years. You think the depletion of the pension fund was because of... racism? And you think you're a better source of information? icon_lol.gif

    And then let's ignore the small fact that it's also the city's public union which has put pressure on the city to sell art in order to fund the pension fund. Further, the bankruptcy court doesn't seem to agree with your personal views. But I mean what does the bankruptcy court know? You so clearly you know better. From one of those "right wing sources":
    https://www.wsws.org/en/articles/2013/12/03/rule-d03.html

    Humility? That'd be more forthcoming if I wasn't aware of some of the actual politics. Its tax base has all but disappeared because of the many policies you were happy to support over the years but you're far too naive and willing to spend other people's money, understand too little of the finance/math to see the connection. And that's always been true of you.

    As usual, you blather and blather and everything you say is wrong and ideology-based. You weren't there. And you don't know shit.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 15, 2014 7:51 PM GMT
    Aristoshark said
    riddler78 said
    Aristoshark said
    riddler78 said
    freedomisntfree saidhttp://www.detroitnews.com/article/20140115/OPINION01/301150004/1008/OPINION01/Foundations-pave-way-out-bankruptcy

    "Detroit has ever experienced, a coalition of local and national charitable foundations has come up with $330 million — so far — to spare the Detroit Institute of Arts and the pensions of public employees from the creditors howling at the city’s door."


    This seems silly on its face. Why would they put up funds in order to bail the city out now of pensions they can't afford when similar issues could happen again in the future?

    A better solution would be to figure out how to buy the art from the city currently being held hostage by the unions.

    1. The art is a public trust.
    2. One day someone will explain to you---slowly and carefully---what "public" means.
    3. The city isn't, and never was, hostage to the unions. This is simply more of your ignorant malarkey.
    4. The bankruptcy of the city coffers was not caused by pension obligations. The average pension for Detroit city workers---which will no doubt be reduced---is $19,000 a year. Explain how people are supposed to live on less than that.
    5. The city's finances are a shambles because of previous administrations that looted its treasury illegally, and because the tax base has all but disappeared. This has nothing to do with politics, it has to do with racism.
    6. One day you should try to learn a little humility in talking about things you don't understand. I doubt it will happen, but it ought to.
    7. I grew up there and lived through these events. You read about them on right-wing news sites. Let's see, which is a more reliable source of information? If you guessed "not you", you'd be correct. Actually, that's always true of you.


    Talk about dumb - you seem to so willingly ignore the Christmas bonuses and death benefits to ineligible families of workers over the years. You think the depletion of the pension fund was because of... racism? And you think you're a better source of information? icon_lol.gif

    And then let's ignore the small fact that it's also the city's public union which has put pressure on the city to sell art in order to fund the pension fund. Further, the bankruptcy court doesn't seem to agree with your personal views. But I mean what does the bankruptcy court know? You so clearly you know better. From one of those "right wing sources":
    https://www.wsws.org/en/articles/2013/12/03/rule-d03.html

    Humility? That'd be more forthcoming if I wasn't aware of some of the actual politics. Its tax base has all but disappeared because of the many policies you were happy to support over the years but you're far too naive and willing to spend other people's money, understand too little of the finance/math to see the connection. And that's always been true of you.

    As usual, you blather and blather and everything you say is wrong and ideology-based. You weren't there. And you don't know shit.


    I was ... sorta. I think they need to do everything they can to preserve the gallery intact. Detroit is home to one of the finest galleries in the world and when they don't have much at all going for them, that's a start.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 15, 2014 8:25 PM GMT
    Aristoshark said
    riddler78 said
    Aristoshark said
    riddler78 said
    freedomisntfree saidhttp://www.detroitnews.com/article/20140115/OPINION01/301150004/1008/OPINION01/Foundations-pave-way-out-bankruptcy

    "Detroit has ever experienced, a coalition of local and national charitable foundations has come up with $330 million — so far — to spare the Detroit Institute of Arts and the pensions of public employees from the creditors howling at the city’s door."


    This seems silly on its face. Why would they put up funds in order to bail the city out now of pensions they can't afford when similar issues could happen again in the future?

    A better solution would be to figure out how to buy the art from the city currently being held hostage by the unions.

    1. The art is a public trust.
    2. One day someone will explain to you---slowly and carefully---what "public" means.
    3. The city isn't, and never was, hostage to the unions. This is simply more of your ignorant malarkey.
    4. The bankruptcy of the city coffers was not caused by pension obligations. The average pension for Detroit city workers---which will no doubt be reduced---is $19,000 a year. Explain how people are supposed to live on less than that.
    5. The city's finances are a shambles because of previous administrations that looted its treasury illegally, and because the tax base has all but disappeared. This has nothing to do with politics, it has to do with racism.
    6. One day you should try to learn a little humility in talking about things you don't understand. I doubt it will happen, but it ought to.
    7. I grew up there and lived through these events. You read about them on right-wing news sites. Let's see, which is a more reliable source of information? If you guessed "not you", you'd be correct. Actually, that's always true of you.


    Talk about dumb - you seem to so willingly ignore the Christmas bonuses and death benefits to ineligible families of workers over the years. You think the depletion of the pension fund was because of... racism? And you think you're a better source of information? icon_lol.gif

    And then let's ignore the small fact that it's also the city's public union which has put pressure on the city to sell art in order to fund the pension fund. Further, the bankruptcy court doesn't seem to agree with your personal views. But I mean what does the bankruptcy court know? You so clearly you know better. From one of those "right wing sources":
    https://www.wsws.org/en/articles/2013/12/03/rule-d03.html

    Humility? That'd be more forthcoming if I wasn't aware of some of the actual politics. Its tax base has all but disappeared because of the many policies you were happy to support over the years but you're far too naive and willing to spend other people's money, understand too little of the finance/math to see the connection. And that's always been true of you.

    As usual, you blather and blather and everything you say is wrong and ideology-based. You weren't there. And you don't know shit.


    You claim you were there, and yet "you still don't know shit". Why am I not surprised?
  • thadjock

    Posts: 2183

    Jan 15, 2014 9:00 PM GMT
    Aristoshark said
    1. The art is a public trust.


    I have to agree with Riddler on this one. NOW is the time to unravel the unholy matrimony between the city and the Museum. I've been hoping some billionaire patron would step up and buy the art the City was threatening to sell, and gift it back to the museum at the very least. The long term fix is to get the City out of the art business altogether, and make the Museum it's own entity, with a self sustaining endowment. Lawyers and Money can make that happen. I even thought it would be a great opportunity for a local celebrity like kid rock or Eminem or some of the pistons players to show hometown pride and kickstart a national fundraising effort. glad to see something is happening anyway.

    Only SOME of the art is public trust. a relatively small percentage of the art was purchased directly with city funds, the rest of the collection was acquired throught private gifts or with funds from the endowment, and by private money. The City cherry picked the highest valued pieces to demonstrate the fiscal opportunities in bailing out city hall.

    The arrangement between the city and the Museum is very complicated and has a very checkered past. The city pulled all funding a number of years ago and the Museum has never had an adequate endowment ( mostly through mismanagement and apathy ). It's a world class museum, It shouldn't be cannibalised to feed political careers.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 21, 2014 1:40 PM GMT
    http://www.aol.com/article/2014/01/20/gambling-revenue-at-heart-of-detroits-dilemmas-new-and-old/20812087
  • Posted by a hidden member.
    Log in to view his profile

    Jan 21, 2014 4:04 PM GMT
    Well, we have seen what happens when something is taken out of the control of the city and flourishes. COBO hall aka where the north American international auto show takes place at was Leased from the city to a private authority( group of people) and immediately began to turn a profit as soon as the city got its hands off of it. And the renovations to the building are something the city could have never done/ ever dreamed of...... I only Hope/ wish that the city would do the same to things such as the schools as New Orleans did after Katrina and now the graduation rates are up and students take pride in achievement. Its time to rethink what works and try new things.
  • Posted by a hidden member.
    Log in to view his profile

    Jan 21, 2014 5:22 PM GMT
    lookinforcars101 saidWell, we have seen what happens when something is taken out of the control of the city and flourishes. COBO hall aka where the north American international auto show takes place at was Leased from the city to a private authority( group of people) and immediately began to turn a profit as soon as the city got its hands off of it. And the renovations to the building are something the city could have never done/ ever dreamed of...... I only Hope/ wish that the city would do the same to things such as the schools as New Orleans did after Katrina and now the graduation rates are up and students take pride in achievement. Its time to rethink what works and try new things.


    And look at the crowds that will come out on a cold early Saturday morning when there's something worthwhile to do.

    photo DSCN0172a.jpg