Friday, May 24, 2013

Kevyn Orr Considers Selling DIA Art to Satisfy Detroit's Debt

Detroit Institute of Arts at Night - Photo by Frank Nemecek
According to an article published in The Detroit Free Press this morning, the emergency financial manager for the City of Detroit, Kevyn Orr, is considering the possibility of selling at some of art collection currently housed at the Detroit Institute of Arts in an effort to satisfy the City of Detroit's long-term debt problem. Officials from the DIA are quite opposed to such a thing. They also posted a statement on the DIA's Facebook page arguing that such an idea isn't even legally permissible.

Regardless, the fact remains that he is indeed considering such a move. He may or may not act upon it at a latter time.

The fact that Kevyn Orr would consider selling off the art collection from the DIA, but won't address LIBOR manipulation by the banks says a lot about his true priorities, in my opinion. As Steve Dibert of MFI-Miami pointed out last week, almost a third of Detroit's debt is due to illegal manipulation the LIBOR Index by some of the banks that Mr. Orr's former law firm used to represent.

I just wonder why Governor Rick Snyder has been silent about this as well.
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