Bankruptcy costing Detroit millions in legal fees; costs taxpayers $250 million - $2 billion. - Polidicks

[QUOTE]DETROIT, MI - Being broke comes with a cost. Detroit is learning that these days as legal fees pile up with the promise of more - far more - to come. [B]The city has spent $12.8 million paying lawyers and accountants to work through bankruptcy,[/B] according to the Detroit News, and the bankruptcy proceedings are in their infancy. [URL="http://www.detroitnews.com/article/20130821/METRO01/308210039/Bankruptcy-fees-cost-Detroit-12-8M-far"]The News reported this week Ernst & Young is the highest-paid consultant[/URL], pulling in $6.6 million to analyze the city's cash flow. [B]Emergency Manager Kevyn Orr's former law firm, Jones Day, has been paid $1 million,[/B] though the firm is already writing off billable expenses it won't collect from the city. NPR's Marketplace one-upped that number. It noted [URL="http://www.marketplace.org/topics/economy/detroit-bankruptcy-comes-cost"]Lehman Brothers bankruptcy fees topped $2 billion[/URL]. The Detroit Free-Press cites another expert who [URL="http://www.freep.com/article/20130819/NEWS01/308190066/Robert-Fishman-Steven-Rhodes-fee-examiner-Detroit-bankruptcy"]forecasts $100 million in legal fees[/URL] if Detroit's bankruptcy draws out. Judge Steven Rhodes, who is overseeing Detroit's bankruptcy filing, moved to increase oversight of the fees related to the case. [B][URL="http://www.freep.com/article/20130819/NEWS01/308190066/Robert-Fishman-Steven-Rhodes-fee-examiner-Detroit-bankruptcy"]He appointed a $600 per hour attorney[/URL] to monitor the case's legal fees[/B]. Attorney Robert M. Fishman of the Chicago-based firm Shaw Fishman Glantz and Towbin and his staff will track spending in the case and work to ensure the fees are made public. [url]http://www.mlive.com/news/detroit/index.ssf/2013/08/detroit_bankruptcy_fees_at_128.html#incart_2box[/url] [/QUOTE] It's like they're just trying to hemorrhage as much money as possible. The fact that the 'Emergency Fund Manager' gave his old law firm $1,000,000 seems a little crooked to me.

well if youre gonna be poor you better do it in style [editline]24th August 2013[/editline] kinda like me as a student

I think you should just saw off the borders of Detroit and airlift it to the middle of the Atlantic with that massive plastic rubbish island.

[QUOTE=ZombieDawgs;41952515]I think you should just saw off the borders of Detroit and airlift it to the middle of the Atlantic with that massive plastic rubbish island.[/QUOTE] it would blend in nicely

[QUOTE=Aspen;41952526]it would blend in nicely[/QUOTE] I think the rubbish island would probably make Detroit look better.

[QUOTE=ZombieDawgs;41952515]I think you should just saw off the borders of Detroit and airlift it to the middle of the Atlantic with that massive plastic rubbish island.[/QUOTE] I think the people of Windsor Ontario would be pleased with this outcome

These prices for these people/companies are ridiculous. A lawyer getting paid $600 an hour to watch over the legal fees. I make that much in about 3 weeks of work.

[QUOTE=Sgt. Khorn;41953212]These prices for these people/companies are ridiculous. A lawyer getting paid $600 an hour to watch over the legal fees. I make that much in about 3 weeks of work.[/QUOTE] It's fucking sickening, as a Michigan factory worker, to think that this guy makes my entire pay check in [I]one hour[/I].

It'd take me about 60 hours to match his 1 hour of work. And in that time, he'd be at $36,000, while I'll be at $600.

[QUOTE=ZombieDawgs;41952561]I think the rubbish island would probably make Detroit look better.[/QUOTE] I think Detroit would make the rubbish island look better

[QUOTE=breakyourfac;41953234]It's fucking sickening, as a Michigan factory worker, to think that this guy makes my entire pay check in [I]one hour[/I].[/QUOTE] That dude came into my workplace yesterday when I was wiping down tables. He spent 3 hours in the McDonald's doing work off his phone and laptop.

[QUOTE=Sgt. Khorn;41953302]It'd take me about 60 hours to match his 1 hour of work. And in that time, he'd be at $36,000, while I'll be at $600.[/QUOTE] Are you a lawyer? If not, I'm thinking it would take you a lot more than 60 hours to match his 1 hour of work.

[QUOTE=Morcam;41954039]Are you a lawyer? If not, I'm thinking it would take you a lot more than 60 hours to match his 1 hour of work.[/QUOTE] If you did a bit of math, you could figure out about how much I make in an hour. Exactly how many hours do you think I'd need to match his 1 hour?

[QUOTE=breakyourfac;41953234]It's fucking sickening, as a Michigan factory worker, to think that this guy makes my entire pay check in [I]one hour[/I].[/QUOTE] You could have been a lawyer too. No need for envy.

[QUOTE=breakyourfac;41953234]It's fucking sickening, as a Michigan factory worker, to think that this guy makes my entire pay check in [I]one hour[/I].[/QUOTE] You know you could do whatever you want right? Don't bitch that you have a shit skillset and get paid shit. Go out and do something. Nothing is stopping you from making $600.00 an hour.

[QUOTE=avincent;41954728]You know you could do whatever you want right? Don't bitch that you have a shit skillset and get paid shit. Go out and do something. Nothing is stopping you from making $600.00 an hour.[/QUOTE] Money tends to stop people from getting into the required schools for that kind of work. Not everyone is set to work well in schools/office jobs. I loathe office work and can't go back. I need to be doing physical work.

[QUOTE=Sgt. Khorn;41954782]Money tends to stop people from getting into the required schools for that kind of work. Not everyone is set to work well in schools/office jobs. I loathe office work and can't go back. I need to be doing physical work.[/QUOTE] You can still do a multitude of things many which pay extremely well. It just always rustles me when people with (I assume in the cause of breakyourfac, prove me otherwise if you wish) have no worthwhile education,skills,trade,etc. then complain like hell when they work the only job they are really qualified for. Then get jealous at other people.

[QUOTE=Sgt. Khorn;41954782]Money tends to stop people from getting into the required schools for that kind of work. Not everyone is set to work well in schools/office jobs. I loathe office work and can't go back. I need to be doing physical work.[/QUOTE] You don't need school to start a business.

[QUOTE=Aman;41954818]You can still do a multitude of things many which pay extremely well. It just always rustles me when people with (I assume in the cause of breakyourfac, prove me otherwise if you wish) have no worthwhile education,skills,trade,etc. then complain like hell when they work the only job they are really qualified for. Then get jealous at other people.[/QUOTE] Okay, first off, let us examine jobs in and of themselves. There are many high or at least decent paying jobs available. Most require a college level education. Those that do not are almost guaranteed to have been taken up by other people. Since companies rarely employ more people than they have to, there isn't likely to be a job opening soon. Most non-college requirement jobs are local. Electrician [I]can[/I] be a non-college level job, for example. So is being a mechanic. But there are lots, and I do mean lots of people in this country without a college education, all in the same area vying for the same limited amount of jobs. So tell me, you apparently oh so wise man, what are those people going to do? Leave? Go to college? Well they cannot leave because buying a new house or any kind of living space somewhere else needs money, you need connections in that area to be sure of what you are getting, what jobs are available, and if it has every amenity you need. And if they could have gone to college, chances are they probably will have done so already. College is expensive here in the states, and most foreigners tend to forget that we have to pay our full tuition unless we get scholarships, which aren't just given to just [I]anybody.[/I] There are multitudes of very smart people in the USA who do not have the money to pay for college, plain and simple. And even if they went, there is no guarantee that they will get a job in the career they desire. My Dad wanted to be a journalist, but he couldn't find and open position willing to take him, so he became a school teacher, another job getting rarer and less fulfilling as time goes on. And even if you do get employed, you may make 12 or 13 USD an hour for a decent job. We get paid bullshit in the states because all the money that could be going to the salary of lower-tier workers goes to the very select few at the top. I wont get all crazy-leftist on you and say the salaries need to be equal or something because there will always be wealthy people, and their positions do warrant a higher paycheck. However, the wealth disparity is [I]fucking huge[/I] in this country because the government has no limit or regulation on how much the top-tier workers get. The only set regulation is minimum wage, which is atrociously low, never getting higher than $9 dollars and hour. While it can be argued we have a lower cost of living, the gap between how much we make and how much stuff costs is still very high. Plain and simple, people just don't have the same kind of opportunities in the USA as a lot of other countries. We cant just "go" to college like it is no big deal. Hell, my very own parents have been saving since I was born for my college tuition, and they still don't have enough. They had to withdrawal some money because it was either a leaky roof or preparing for college, and the more pressing concern obviously won. Even when I go to college, I will still be competing with thousands of other people. Being a lawyer is one of the most lucrative jobs in the USA, but it is also one of the least available. You need connections and you also need to be miles ahead of the competition for a law firm to choose you. So no, that guy could not have been a lawyer "just because he wanted to." Grow up and stop living in your entitled fantasy land, because there are many, many people who will not get the career they desire and there sure as shit wont be many people making $600.00 an hour.

[QUOTE=avincent;41955043]You don't need school to start a business.[/QUOTE] You still need money, and something that people want. Besides, that lawyer would still be making more money than your average business entrepreneur. I don't think you guys get that he is making [B]$600[/B] an hour. That single hour of work makes enough money for the average low wage worker, in my area, to pay full for rent of an apartment/house. Albeit, in the low wage housing. Most people around me have to work at least 40 hours, with an $13.00~ wage, to make rent. That would be about a week, if they get full time. You guys are extremely naive to think your average person can easily climb to the top of a business or start some sort of business that will take off to equal those jobs in the OP. Just go check your average store or other similar places. There's thousands of people around you who would tell you otherwise.

This has nothing to do with the topic, stop derailing or get banned.

Being poor is expensive

The News reported this week Ernst & Young is the highest-paid consultant, pulling in $6.6 million to analyze the city's cash flow here's my free consultation, detroit. YOU'RE FUCKED also, all your cash flow? it's going to your lawyer. regarding the college discussion, college is so expensive because of supply and demand. a lot of demand for higher education, but the supply is too small, so the price gets big. colleges could increase the supply so that everyone can afford an education, but they're too morally bankrupt to do so.