Bankruptcy, Detroit | featured news

Detroit is in a state of financial emergency, Michigan Gov. Rick Snyder (R) said Friday. "There's probably no city that's more financially challenged in the entire United States," said Snyder. "We need to start moving upward with the city of Detroit." Mayor Dave Bing has a 10-day period in which he can request a hearing, after which point, according to the Associated Press, Snyder can appoint an emergency financial manager for the city or revoke his decision.

At the Detroit Auto Show earlier this month, luxury was in the air. Pricey new Bentleys and Maseratis glittered - including a Maserati 2014 Quattroporte with a $132,000 price tag; U.S. Cabinet Secretaries and dignitaries rubbed shoulders; and many of the well-heeled attendees ponied up for a $300-a-ticket black-tie charity ball.