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Detroit Resurrected: To Bankruptcy and Back
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Review
“Nathan Bomey's Detroit Resurrected is the most thoroughly reported account of the largest municipal bankruptcy in American history. It also stands as a valuable work of urban policy. The overarching theme of the book is how Detroit turned to bankruptcy to restore the social contract.†- Stephen Eide, Senior Fellow at the Manhattan Institute, The New York Times Book Review“One of our most talented young reporters, Nathan Bomey goes behind the scenes to offer a dramatic account of the debates, deliberation, and deal-making that brought Detroit out of its unprecedented bankruptcy. Bomey brings a human eye to the cold realities of municipal finance and urban politics, through well-drawn portraits of the investors, pensioners, union leaders, politicians, philanthropists, lawyers, and judges at the heart of the case.†- Thomas J. Sugrue, author of The Origins of the Urban Crisis: Race and Inequality in Postwar Detroit“No one covered Detroit’s historic municipal bankruptcy more closely than former Detroit Free Press reporter Nathan Bomey. And his unpacking of it here is superlative―not only the sordid history and mechanics of how and why Detroit went broke, but also how it got through court-supervised restructuring and emerged in a position to do better by its residents. With deep reporting and incisive insights, Bomey takes readers inside the process in a way only he could. If you care about cities―past, present, or future―Detroit Resurrected is a must-read.†- Stephen Henderson, winner of the Pulitzer Prize for commentary, Detroit Free Press“Bomey does a superb job of laying out the origins and depths of Detroit’s fiscal and political woes. He has done prodigious research into archives and court documents, interviewed all the players, and woven a tangled mass of facts into a narrative that reads like a thriller.†- Bill Morris, The Millions“As other cities flirt with a similar financial fate, Bomey’s intricate saga of how Detroit walked back from the brink of destruction provides an unrivaled glimpse into what went wrong and an unflinching evaluation of what it takes to overcome detrimental political shenanigans and dubious financial practices. ... Bomey’s insider account ... entertains with its fly-on-the-wall intimacy and keen observations.†- Booklist“The Motor City’s recent fiscal implosion sparks an unlikely outbreak of civic-mindedness in this stirring saga. … Bomey deftly elucidates the intricacies of law and finance that shaped the case while painting colorful profiles of the principals and their sharp-tongued, profane wrangling (and occasional fits of conscience). Scrupulously fair to all parties and their grievances, Bomey reveals that behind the crass bean counting stood a fractious community pulling together to value and rescue a long-neglected city.†- Publisher's Weekly“Well-paced and highly readable. … It’s an important subject, since the tale of Detroit’s financial woes can serve as a case study on how other cities can deal with economic transition. ... An engaging reconstruction of Detroit’s financial crisis and the broader implications of its comeback for other American cities.†- Kirkus Reviews
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About the Author
Nathan Bomey, a journalist at USA Today, was the lead reporter on Detroit’s bankruptcy and General Motors for the Detroit Free Press. He lives in the Washington, DC, area.
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Product details
Hardcover: 320 pages
Publisher: W. W. Norton & Company; 1 edition (April 25, 2016)
Language: English
ISBN-10: 0393248917
ISBN-13: 978-0393248913
Product Dimensions:
6.5 x 1.2 x 9.6 inches
Shipping Weight: 1.1 pounds (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
26 customer reviews
Amazon Best Sellers Rank:
#706,199 in Books (See Top 100 in Books)
Nathan Bomey created a compelling narrative out of the bankruptcy workout of Detroit, lasting from July 2013 to December 2014. One expects an epic fight from the largest municipal bankruptcy ever (so far), but what I came across was unexpected – a fast-paced narrative detailing the major players, and most importantly, letting those players explain themselves.(An aside: for the prim, I will warn there’s a lot of “NYC language†coming from particular players. It’s not Games-of-Thrones bad; after all, nobody gets killed (SPOILER ALERT!), no sexy romps, and definitely a dearth of direwolves. But yes, plenty of strong opinions uttered using vulgarities.)It was so refreshing to see the narrative played out where there are no real villains except some hazy groups (like a hapless City Council) and the definitely-named Kwame Kilpatrick. But he’s off-stage by the beginning of the book, being bundled off to federal prison, along with some of his cronies. But even the biggest losers in the deal, bond insurers FGIC and Syncora, get their say. They’re not made out to be eeeeevil Wall Street players, but players representing their own interests and making their own claims for fairness. The only Detroit institution leaving unscathed in the deal was the art museum, DIA. One gets to hear of the sense of betrayal by all the players, within and without Detroit, without their particular pain being mocked.The book has plenty of conflict, surprising alliances, and a few interesting twists at the end (which cleared up some mysteries to me at the time.) I thought the pacing was really well-done, and Bomey did a good job of explaining salient technical points, like present value, relatively quickly and enough detail for the lay reader to understand. Excellent book for the general public. It will also be a great study for law and business schools for people learning about negotiation in high stakes situations that seem like zero sum.If Bomey takes this level of detail and even-handedness to all his journalistic work, as well as the storytelling ability, he will go far in journalism.
An excellent tick-tock of Detroit's bankruptcy, and a detailed, fair description of the many colorful characters involved. If you're interested in Detroit, in urban governance, in bankruptcy law, or just how a community responds to (a partly self-made) catastrophe, you'll find this book hard to put down. The only shortcoming is in its description of the dubious financial instruments that hastened the bankruptcy and complicated its resolution: there's a very interesting Wall Street outrage buried in there, but Mr. Bomey doesn't give them enough attention, explanation, and analysis to make this aspect of the story easy to understand. But that's a minor shortcoming of a truly excellent book.
Well done. Unfortunately it brings back sad/bad memories for me since I was one of the C of D retirees that lost a considerable amount of their future pension payments and healthcare benefits. But overall, the book does a good job at reporting what occurred during this period in Detroit's history.Unfortunately, now that Detroit is "on the rise," too bad the city's leadership won't consider making retirees whole.
The author managed to explain the intricacies of the largest municipal bankruptcy in US history so that I as a lay reader felt as if I understood it. I enjoyed the portraits of the various participants. They added depth to what could have been a dry recital of events. Even knowing how it ended, I felt the suspense building as each party negotiated and settled. The author ends on an optimistic note. I hope it is justified.
The subtitle of this book should be, 'the intricacies of bankruptcy.' It is heavy on the deal making that took place to see Detroit through bankruptcy and light on just about everything else. Personally, was I was looking for a much more comprehensive or wholistic view of the 'resurrection.'
This book is well written and provides a very detailed background on the players and events associated with the Detroit bankruptcy. There is a background review on every key person, and their contributions to the resolution of many issues. The author does a nice job of identifying root causes without being Politically biased. There is enough technical detail to satisfy lawyers (particularly bankruptcy lawyers), yet presented simple enough for almost everyone.
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