The Company Memo: Friday, July 19, 2013

Updated
A vacant, boarded up house is seen in the once thriving Brush Park neighborhood with the downtown Detroit skyline behind it in Detroit, Michigan March 3, 2013.
A vacant, boarded up house is seen in the once thriving Brush Park neighborhood with the downtown Detroit skyline behind it in Detroit, Michigan March 3, 2013.
Rebecca Cook/Reuters

Detroit, once the nation’s fourth largest city, has filed for bankruptcy. It is the largest city to do so in U.S. history. Dubbed the Motor City in the 1950s because of its booming auto-industry, Detroit was once the epitome of American industrial power. But flailing car companies and rising crime have caused the city’s population and tax revenue to plummet. Now The York Times reports that the city’s debt is likely between $18 billion and $20 billion. Former Michigan Governor John Engler, former economic adviser to Vice President Joe Biden Jared Bernstein and Thomas Sugrue, author of a book about Detroit’s woes will join Jansing & Co. discuss the city’s problems.

A witness that had hoped to testify against James “Whitey” Bulger has been found dead. Once one of America’s most wanted criminals, Bulger is being tried in Boston for murder and racketeering. The body of Stephen Rakes, a man who claimed Bulger forced him to sell his liquor store, was found on Wednesday. We’ll have the latest developments on the trail.

Republican Congressman Peter King says he’s considering running for president. Thursday on msnbc’s Morning Joe King said he’s considering running because, “It bothers me when leading Republicans out there, someone like Rand Paul, seems more concerned about an American being killed at Starbucks by a CIA drone than he is about Islamic terrorism.” Our panel will weigh in on what King’s announcement says about the Republican party.

Friday marks the one year anniversary of the shootings in Aurora, Colorado. Stephen Barton, a recent graduate of Syracuse University, was hit with 25 shotgun pellets in the face, neck, chest and arms that night. He’s now working for Mayors Against Illegal Guns. Barton will update Jansing & Co.  on his organization’s efforts to curb gun violence and discuss how the Aurora tragedy changed his life.

The Company Memo: Friday, July 19, 2013

Updated