Detroit Update - InvestingChannel

Detroit Update

by Tom aka Rusty Rustbelt

Detroit Update

Today Former Mayor Kwame Kilpatrick was convicted in federal court of 24 felony courts of racketeering, extortion, mail fraud, bribery and tax evasion.

His chief henchman contractor Bobby Ferguson was convicted of 9 counts of racketeering and bribery.
Kilpatrick’s father was convicted of one count of tax evasion but the jury did not find him guilty on three extortion and bribery counts.

Jurors from the diverse jury expressed disgust after listening to and watching an immense amount of evidence.
Probably the biggest damage is that while Kilpatrick was running his criminal enterprise the City of Detroit was left to deteriorate and drift.

The next target of federal prosecutors may be Wayne County executives, perhaps including County Executive Robert Ficano.

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