Saturday, May 25, 2013

Amid financial crisis, Detroit trustees hang out in Hawaii

The city of Detroit may be facing a deepening financial crisis but that hasn't stopped four trustees of its public pension funds from spending $22,000 of retirement system funds to attend a conference in Hawaii this week.

The trip 4,500 miles west to a four-star resort on the world-famous Waikiki Beach in Honolulu doesn't sit well with the top officials now running Detroit's finances under an emergency order from the state of Michigan. Emergency Manager Kevyn Orr has not ruled out a bankruptcy as the city struggles under a $15 billion debt burden, which is being strained further by its hefty pension obligations.