October 26, 2014
DETROIT (AP) - It appears the appointment of an emergency manager to take over Detroit's failing finances is all but a done deal. But one question remains: Who will get the difficult, thankless job?
Gov. Rick Snyder is being coy about his selection, saying only the person is "top notch." Michigan's Emergency Loan Board will do the official hiring of the candidate, who will provide state oversight on spending and restructuring.
Warner Norcross & Judd law firm partner Timothy Horner says it "will take somebody who has very deep and strong financial expertise and very deep and strong political and personal capabilities" to wade through Detroit's mess.
Detroit faces a $327 million budget deficit and more than $14 billion in long-term debt. The city has borrowed millions of dollars to pay its bills.
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