Alexander C. Kaufman discusses the concept of “Too Big To Fail” and what the idea means in the context of the Detroit bankruptcy case.
Reuters
A federal bankruptcy judge cleared the way this week for Detroit’s case to go forward without legal challenges. Detroit has become the largest U.S. city in history to file for protection under Chapter 9 of the U.S. Bankruptcy Code.
Alexander C. Kaufman, a reporter at the International Business Times, discusses the 2008 financial crisis, when the concept of “too big to fail” was popularized and what bailouts now mean for major U.S. cities, such as Detroit.
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