The Rise of the Corporate State
In order to preserve the portfolios of bondholders, Michigan is ramrodding this legislation:
The new law would allow emergency managers to terminate labor contracts, strip local ordinances, hold millage elections, dissolve a government with the governor’s approval, and merge school districts.
It would allow managers to remove pension fund trustees or become a sole trustee if a pension fund is less than 80% funded. It allows managers to recommend that a local government file for Chapter 9 bankruptcy, but leaves the final decision to the governor.
-Shlok
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