Bankrupt

Pensioner Donald Smith protests cuts in city workers pensions in Detroit...City of Detroit pensioner Donald Smith sits in a lawn chair across the street from the Federal Court House as he protests cuts in city workers pensions in Detroit, Michigan October 28, 2013. Detroit's financial status was "shocking" when he first took office, Detroit Emergency Manager Kevyn Orr said in federal court testimony Monday, and no knowledgeable person ever has disputed his claim that the city is insolvent, he added.    REUTERS/Rebecca Cook

Rebecca Cook/Reuters

Pensioner Donald Smith sits across the road from the Detroit federal court house on Monday to protest about cuts to city worker’s pensions. Inside, Detroit emergency manager Kevyn Orr gave testimony that the city’s financial status was “shocking” when he first took office, adding that no knowledgeable person ever has disputed his claim that the city is insolvent Read more