and also prepare for the city to exit this receivership. in a fashion that restores democracy. to the city detroit wants to become a key safety has been in decline for yes. employees have fit the judge's ruling as the tensions are likely to be certain. the uk government is to sell its forty percent stake in us dollars but the punter privatized twenty four bid to find some of cooper's assets by twenty twenty. the company which is to charity and by the french state rail service in cf will soon double profits to sixty two million euros last year jen and call it sought to make a second attempt at running the far right national democratic policy in sixteen states are torching the big ten years off to the federal government failed such and it is difficult in gemini which is haunted by the era which crushed dissent the npcs popularity has grown in recent years. a uk parliament to commit she's been told any one percent of files plate by former us intelligence analyst ed wood said the side of being published. that's according to the god in the statement said that to use to perry before

day, and we can prepare, hopefully, a consensual plan of adjustment and be able to remove the receivership over the city so it can grow and thrive. with that, i would be happy to take any questions? yes, sir? >> reporter: would you explain what you mean by clean slate? >> sure. typically in bankruptcy organizations clean slate or fresh start is an opportunity to relieve ours as a city of the crushing debt burden that we have. as the judge mentioned during his ruling, approximately 40% of every dollar that the city takes in in the general fund goes to paying legacy debts, pension obligations or debt. that is just not sustainable, because in the next three to four years that number will go to almost 65%. we have to relief the city of that burden. and that would be the clean slate. in other words the city could get to a position that it would go forward and pay its bill as they become due in the ordinary course. >> reporter: does anything the judge said to today change course for you? >> no. i think i have said before the issue of federal pre-emption and supremacy are things i have been invol

to inprove the level of services for its citizens and to also prepare for the city to exit this receivership a fashion that restored democracy. to the city. we have a lot of work ahead of us, and what i would ask both our creditors none of whom filed an object to our eligibility, but equally important our labor partners. to come forward with us and to take this opportunity even in the process of litigation and appeals to try to get at the sorely needed reform that this city has got to achieve so we can move forward into a new day. >> let's bring in al jazeera's. she is joining us live from detroit, speaking just a short time ago, talking about all the opportunities and the work ahead, how did his comments go down in detroit. what exactly is his plan going forward? >> when it comes to reaction, when it comes to two retirees they are the ones that stand to lose the most. so they are the most concern. the unions have long argued that retiree pensions were protected be i the state constitution, but the judge came out saying that's no longer the case. so you have expert pers that are concerned ab

debt, to improve its level of service to citizens and to also prepare for the city to exit this receivership fashion that restores democracy to the stock exchange. we have a lot of work ahead of us. >> we'll discuss 911 and 313 when detroit mayor dave bing joins us next. people don't have to think about where their electricity comes from. they flip the switch-- and the light comes on. it's our job to make sure that it does. using natural gas this power plant can produce enough energy for about 600,000 homes. generating electricity that's cleaner and reliable, with fewer emissions-- it matters. ♪ so ally bank has a that won't trap me in a rate. that's correct. cause i'm really nervous about getting trapped. why's that? uh, mark? go get help! i have my reasons. look, you don't have to feel trapped with our raise your rate cd. if our rate on this cd goes up, yours can too. oh that sounds nice. don't feel trapped with the ally raise your rate cd. ally bank. your money needs an ally. >>> the city of detroit is now officially bankrupt. this morning the judge ruled the motor city is, quote, insolve

i believe the document is clear that the fdic receivership agreed to indemnify and hold jpmorgan forhington mutual. >> did jpmorgan win here? will that help them pay off some private lawsuits? think it is more than that. i think they finally said we want to put all of this behind us. jamie dimon has said he wants to put this behind him. terms ofo egregious in what regulators are trying to do in terms of reneging on the few things they were going to give to jpmorgan in terms of helping out. i think it is a principle thing more than money. >> everyone knows that you are a considered bowl on the equity markets, tell me about the share buybacks that we are seeing. is that reason for optimism for next year? >> yes. i heard your comments before about 3m, i own it. i think it is a signal of a move on their part in the stock -- and the stock shows you what the market reaction is to that. we have a record high in terms of buybacks. isof the daily trading plus all about companies buying back their own stock. they are the biggest buyers. atcourse it is a huge wind the back. >> thank you. we app

and we can prepare, hopefully, a consensual plan of adjustment and be with able to remove the receivership over the city so that it can grow and thrive. with that, i'd be happy to take any questions. yes, sir. >> explain to us what they mean by clean slate? is. >> sure. >> you break that down a little bit? >> typically, in bankruptcy organizations clean slate or fresh start is an opportunity to relieve ourselves as a city of the crushing debt burden that we have. as the judge mentioned during his ruling, approximately 40% of every dollar that the city takes in in the general fund goes to paying legacy debts; pension obligations, some of which are unfunded, or debt. that's just not sustainable was in the next three to four years, that number's going to go to almost 65%, almost two-thirds. we have to relieve the city of that burden, and that would be the careen slate. in other words, the city would get to a option that it could go forward and pay its bills as they become due in the ordinary course. yes, sir. >> anything the judge say today change course for you? >> >> no. the judge's ruling

need to improve the level of services for citizens and also prepare for the city to exit this receivership in a fashion that restores democracy. to the city. >> that is what a lot of people are concerned about, the democracy being restored. look at the pictures on the streets of the city, as soon as the ruling came trickling out people upset about it, specifically pensioners, retirees, union members, their attorney who represents them talked just after the ruling was shellshocked. >> this is a scary day because what the judge has done is set a state constitution specifically and expressly protects vested pension benefits can be taken away in bankruptcy and that is very scary. >> sharon levine asks me as you point out, it is a huge ruling and this could have huge implications around the country. we will watch it throughout the day. always appeals. cheryl: let's follow upon those implications, thank you very much. adam: we will bring in a panel of experts who will break down a ruling and what it means nationwide. amy laski's managing director unfix ratings on municipalities across the countr