Even in Bankruptcy, Detroit Must Pay for a Millionaire's Toys

Bankruptcy, Schmankruptcy, billionaire Mike Ilitch's new stadium must get its $450 million:

When Detroit filed for what is the largest municipal bankruptcy in United States history, one of the items immediately placed on the potential chopping block was pensions for current retirees who had worked for the city. A pension shortfall accounts for $3.5 billion of the city's $18 billion in debt, and the city's emergency manager, Kevyn Orr, has called for "significant" pension cuts.

But even with pensions possibly getting the axe – along with who knows what else in terms of services for the already downtrodden city, or even masterpieces at the Detroit Institute of Art – Detroit still seems ready to shell out hundreds of millions of dollars to help pay for a new arena for the National Hockey League's Detroit Red Wings………

This is not The Onion.

Detroit is in bankruptcy (sort of, long story), but this billionaire has to get a shiny new stadium for his team.

It buggers the mind.