Michigan Governor Rick Snyder (R) is expected to announce today an emergency state takeover of Detroit, putting a lawyer with extensive experience managing corporate bankruptcies in charge of the destitute city's finances, Reuters reported. The top candidate for the job is Kevyn Orr a partner in the Washington, D.C., law firm Jones Day, who has long experience handling corporate bankruptcy and restructuring cases. Detroit is the poorest major city in the United States with more than a third of the population officially classified as living in poverty, and it has an unemployment rate of 18.2 percent compared with a national rate of 7.7 percent, according to government figures.
