in screwed news detroit's emergency manager kevyn orr begins his term of one man rule today pointed by michigan governor rick snyder earlier this month or at the podium here will according to state officials at least help to oversee the motor city's struggling finances and usher in a new prosperity era filled with a responsive government for its residents but to many detroiters or is nothing more than a technocrat tyrant concerned citizens fear that rick snyder's real goal is not to restore the city's financial help but to force corporate governance on its residents they believe in democracy but city representatives not an elected state officials are best equipped to solve the city's problems and detroit residents worry that or will privatized vital social services and smash unions now they're starting to fight back over the weekend to try to some all backgrounds teamed up with union leaders and churches to protest that state's bloodless coup they demanded ors ouster and urged rick snyder to return control of the city's affairs to its rightful elected city council so what's next for de

which is it for kevyn orr? >> dynamic is created where the mayor and city council really have only one option, to comply or oppose. for the most part they oppose because that's all they're empowered to do at this stage of the game. you look at the city budget and the prediction municipal jobs en masse, the unions, afscme in particular is responding with a lawsuit. >> whole thing was a sham for the state to come in and take over the city of detroit. that is what is happening and to break the unions. >> reporter: now pontiac, michigan is one of the cities under emergency management. the mayor of pontiac told me has absolutely no authority whatsoever but he says, only an appointed official could make the kind of cuts that are necessary. they would be political suicide for an elected official. jamie? jamie: interesting story there in detroit. thank you, mike tobin. bill: one of the headlines of the morning is this. a stunning court reversal for the american student, amanda knox but can she be forced to go back to i

financial emergency and recommend the appointment of an emergency financial manager for the city, kevyn orr>> look at the history of the city, this is a problem that's been evolving for 50 plus years. this is a problem that now has reached a true crisis point. in many respects, it's a sad day, to say we have this day but again i like to view it as a day of opportunity. this is an opportunity for us to work together. >> warner: orr is a lawyer with the washington law firm jones day. he's best known for his work on restructuring chrysler in its bankruptcy of 2009. as emergency manager, he will have the power to renegotiate or even terminate the city's labor contracts; privatize public services and sell some city assets. detroit's city council has vigorously protested the move. but today mayor dave bing said he will work with orr to do what's best for the city. >> bottom line here is that we must stop fighting each other. we must start to work together, and so i'm happy that now i've got teammates. i've got partners that can help me do some of the things that need to be done in our city. our c

the detroit free press reports attorney kevyn orr, who managed chrysler's bankruptcy restructering, is the governor's top pick as financial manager. former gop presidential candidate mitt romney is also rumored as a possibility. the government continues to sell off its stake in gm. unfortunately, uncle sam took a loss on the latest trade. according to bloomberg news, the treasury sold 18 million shares when the stock traded between 26 and 28 dollars last month, collecting nearly a half- billion dollars in the process. all told, the government has recovered $29 billion of its $49-billion investment. the irs says h&r block is responsible for the delay of 600,000 refunds. marketwatch reports the nation's largest tax preparer failed to correctly fill out a form used to claim educational credits. people who filed thru h&r block may have to wait an extra six weeks for a refund. h&r block is working with the irs to correct the errors. credit reporting agency equifax is investigating a high-profile hack attack. equifax says it is searching for answers after hackers accessed the credit reports

detroit's finances are now under the control of emergency financial manager kevyn orr. he is tasked with reigning in budget deficits that reach into the billions. china may soon resume handing out subsidies to people who buy electric cars. a couple of years ago, several cities, including beijing, began offering nearly $10,000 to electric car buyers. the deal ended in 2012, but it never really caught on due to the lack of charging stations and high battery costs. the chairman of byd, which is building the plug- in cars with daimler, expects the subsidies could happen in april or may as china attempts to curb pollution. byd is backed backed by billionaire warren buffett. new york city mayor michael bloomberg is planning a $12- million tv ad blitz to push for new gun legislation. the specific audience bloomberg wants to reach are senators in 13 states in advance of an upcoming vote on gun reform legislation. he cites national polls that show a vast majority of americans want new legislation. he spoke at an event recently along with vice president joe biden. "if congress do

kevyn orr runs the city and what will he do with a city with unpayable debts. detroit. ♪ >> we just outlined two american cities on the verge of or actually in bankruptcy. now how about an entire country on the verge of a flat-out depression. that's what cyprus faces, a bailout plan has been approved. bank accounts over 100,000 euros will be taxed. the russian mob losing. angela merkel, the germans winning. i'm going to call it catastrophe for the people of cyprus which is where we find rich edson. and rich, set the scene. i'm hearing that it's not chaos, it's not misery, they're actually having a party. it's a holiday today. go. >> it is a party, stuart. it is europe. the cafes are filled here in the capital. there have been protests and plenty of bankers are going to lose their jobs as the banks are resolved. the russia is going to have some issues as well. and generally speaking the economy is likely to get worse as the conditions of the bailouts are rolled into place, as far as the street scene around here has been concerned and plenty of places taking cred

. >> the man is 54-year-old kevyn orr, the one who oversaw the 2009 bankruptcy of chrysler and now will biggs state takeover of a u.s. city and he has one major goal to make sure detroit doesn't become the first big u.s. city to go bankrupt. the city is running a $327 million deficit and has not $14 billion in unfunded liabilities, things like healthcare benefits and pensions. >> the mayor and i discussed a true partnership. i'm not an elected official. never have been. do not represent the people. i aspire to be an emergency financial manager and when the mayor described his willingness to be part of the solution, and i hope as well the city council, i was compelled in a sense to undertake this endeavour. >> orr says he has a 12-16 month contract and hopes to get the job done sooner than that. >> there are folks who really oppose this new move. why is that? >> well, you heard the mayor say he is on board of this, but a lot of others in the protest, including the city council -- he called the mayor a quitter. we just learned the city council had threatened to sue over this. now now they

my preference -- i know the reference of the emergency manager, kevyn orr, is to get people around thele and negotiate this out. everyone knows there needs to be vetter solutions shep solution is to grow the city and begin biz better services, short-term cash management, long-term liability repayment plan that works. and instead of people arguing about the past -- >> neil: obviously you're a very smart negotiator, you know when you're saying the bankruptcy word your signaling you have toll compromise because the next alternative, all contracts are null and void and you might be in deeper. >> i wouldn't pick the unions. everyone needs to come to the table. >> neil: how likely do now think done. >> i'm not going to put a probability on it because in good faith we're going to work hard to say that is something we're not going to end up there. it's up to all the people coming to the table to say, let's solve the problem, ball in the citizens of detroit deserve better services. public safety, lying. the list goes on. this is a situation where detroit has many good things going, and that's s

governor rick snyder tapped bankruptcy expert kevyn orr, he helps with chrysler, but the detroit is arent thing altogether. a budget deficit more than 320 million right now and what that's translating as is things like this. the fire department stretched so thin it's proposed just letting vacant buildings burn if they catch fire. the city cannot afford to keep all of its street lights on, some city streets are just dark at night. trace gallagher with the news. trace, how long do they think the restructuring will take? >> reporter: well, the new city manager says he signed a 12 to 16 month contract and hopes it can be done sooner than that. as the governor said today, the problem took more than a half century to create. in 1950 the population of detroit, 1.8 million and today 700,000 which means that tax revenues have plummeted. so if raising taxes is not the answer then of course you have to lower spending and today the mayor said that everyone is going to have to give a little. listen. >> bottom line here is that we must stop fighting each other. we must start to work together and so

. >> warner: governor rick snyder and kevyn orr, thank you so much. >> thank you so much, margaret. >ruff: michigan public radio has ongoing coverage of detroit's financial crisis. find a link to that reporting on our homepage. >> brown: next, bright lights over the bay. "newshour" correspondent spencer michels reports from san francisco on a work of public art. >> reporter: for 75 years, the bay bridge has been the workhorse on san francisco bay, linking oakland and san francisco, and carrying 270,000 cars and trucks a day. on the san francisco side, its towers support suspension cables that keep the bridge up. but this gray, utilitarian structure that partially collapsed in the 1989 earthquake has never captured the world's attention, the way its nearby cousin, the golden gate bridge has. built toward the end of the depression, both were engineering marvels. now, the bay bridge is making its own splash. on a cold rainy night last week it was transformed into a giant work of art. 25,000 tiny white undulating l.e.d. lights, strung from the vertical cables, were turned on in a flashy d

of kevyn orr is an attorney who represented chrysler during its restructuring.ix the fiscal crisis over his 18-month term. the motor city has 327 dow million budget deficit and long-term debt of $14 billion. >>> britain's prince harry is returning to the united states. the just announced visit will happen in may and includes stops in washington d.c., new york, new jersey, and colorado. the visit is on behalf of charities he works with and this time las vegas is not on the itinerary. those are the headlines. back to ashley. ashley: probably mother's urging. fox news's lauren green, thank you very much. >>> cyprus agreed to bailout by shrinking the banking system with wealthy depositers taking a big hit. our next guest says that sets a dangerous precedent for the rest of the eurozone. nile gardiner, from the margaret thatcher from the heritage foundation. this could lead to a bank run of sorts in many of the other eurozone countries. >> yeah, i do think it set as very, very dangerous precedent for other eurozone members, not the least of four other countries insid

kevyn orr, a bankruptcy lawyer and rescue specialist. orr saying failure is not an option when it comes to digging the city out of a deep financial hole. detroit has $14 billion in long-term liabilities. that includes underfunded pension programs. this is a big, big job. heather: a lot of people planning on protesting that today. we'll see what happens. >>> newly ordained pope francis holding the palm sunday mass. marks the start of holy week leading up to easter. the vatican estimates that 250,000 faithful jammed into st. peter's square to hear the pope's message of hope. the pontiff encouraging them to be young and humble at heart. >> he is young at heart at 76. there was an image put out over the weekend of this. two popes, at the same time, in the same place. it's been 600 years since we have seen something like this. really quite an image. pope benedict said we're brothers here. they went off to pray together. you notice, put the picture up one more time of the the helicopter behind both of them. this is a long way from the bus that

do you hear anything so far about the plans that kevyn orr has?says he does not plan to go into bankruptcy anytime soon, right? >> absolutely. i think one of his plans is to sit down. their company has a long-standing history of working with creditors and negotiating with them. his background is with the auto bailout. his company has also done the jefferson county bankruptcy down there, and so he has a long-standing history of dealing with creditors and trying to move that forward. but he'll also try to score some early victories in terms of making sure that the city is safe and dealing with the public lighting issue. >> this is a guy who did represent automaker chrysler during his successful restructuring. however, there are people opposed to this. they say this takes away the voice of the people. it's circumvents the elected people, the council members, the mayor and the like. is this a serious concern? >> absolutely. it's a very serious concern. i mean, you're talking about a major city in america that is under the state's control. you're talki

the republican governor rick schneider is joining us with kevyn orr.hanks very much for joining us. >> great to be with you. >> thanks for inviting us. >> mr. orr, let me start with you. what are you going to do? you have about 18 months to try to get detroit's finances in order. >> wolf, the first thing is make an assessment if i can of enhancing city services to the citizens of detroit. i'm going to sit down with consultants and restructuring team that the governor has in place to try to prioritize what we need to do next based upon the data. >> are you in effect mr. orr the mayor of detroit right now? because they have a mayor dave bing who was on the show about a month or so ago. are you in effect his boss? >> no. the mayor is elected and i am appointed as a creature of state statute. i have certain powers under state law that allow me to transcend some of the duties typically held by a chief executive but the mayor is still the mayor. i think of myself as exactly what the statute says i am, an emergency financial manager. >> if i may emphasize it