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February 20, 2013 - Image 2

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2A - Wednesday, February 20, 2013

The Michigan Daily - michigandaily.com

PC Michigan Will-
420 Maynard St.
Ann Arbor, MI 48109-1327
www.michigandaily.com
ANDREW WEINER RACHEL GREINETZ
Editor in Chief Business Manager
734-418-4115 ext. 1252 734-418-4115 ext. 1241
anweiner@michigandaily.com rmgrein@michigandaily.comn

PE E R-TO-P EaE R TRANSmTm S JT O NDE OF NW SSTEM
N ew e-payment method at Duke

A GRAND SLAM

Ivy, a new electronic payment
application for students that
automatically connects to either
a bank account or a credit card
number, is being endorsed by
Duke University's student gov-
ernment, The Duke Chronicle
reported Friday.
The new system allows stu-
dents to make transactions elec-
tronically with any other member
of the system, eliminating the
hassle of having to keep track of a
card or even cash.
Duke freshman Alex Semien
introduced the new method of
payment to the student govern-
ment which showed support for
the adoption of this new system.
"Ivy is really innovative, and

it is quick," Semien said. "Hon-
estly, it is the fastest peer-to-peer
system that I have seen. Students
almost never have cash with
them anyway."
Duke sophomore Tre' Ellis
Scott added that Ivy has the
potential to become synced
with students' Duke University
accounts, making online access to
transactions and expense records
simpler for students.
Cornell takes measures to
increase safety for students
traveling abroad
Cornell has implemented a
new online travel registry that
will make traveling abroad safer

for both students and staff, the
Cornell Sun reported Friday.
When students organize a
study abroad semester they are-
automatically registered with the
system and will have access to
emergency travel insurance.
Alexis Santi, coordinator of
travel safety for Cornell Abroad,
said although a number of stu-
dents who independently planned
their trips have registered with
the system, there are still 1,000 to
1,500 who have yetto do so.
Dean of Students Kent Hub-
bell said the system will be bet-
ter able to respond to emergency
situations.
- HILLARY CRAWFORD

Newsroom
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0

NICHOLAS WILLIAMS/Daily
Detroit comedian Satori Shakoor hosts NPR's Moth
Story Slam at the Circus Club on Tuesday evening.

CRIME NOTES
Parking perils Nap time?
WHERE: 1600 Medical WHERE: Taubman
Center Medical Library
WHEN: Tuesday at about WHEN: Tuesday at
5:50 p.m. 4:30 a.m.
WHAT: A witness observed WHAT: Staff memb
a vehicle collide with a reported finding a s
parked vehicle before sleeping in the lobby
parking in a nearby space, library, University P
University Police reported. reported. Police det
The damaged car could not that the subject was
be located after the incident versity student.
was reported.

CAMPUS EVENTS & NOTES

about
bers
ubject
y of the
Police
ermined
a Uni-

Cold feet
WHERE: University Hos-
pital
WHEN: Tuesday at about
8:45 p.m.
WHAT: A pair of shoes
was reported stolen from a
hosptial staff break room,
University Police reported.
There are currently no sus-
pects.

Stairway to
heaven
WHERE: 216 Thayer
WHEN: Tuesday at about
2:50 p.m.
WHAT: Spraypainted graf-
fiti was found outside a
carport, University Police
reported. The paint was
found on three levels of the
starway. Police currently
have,,n,,ects

Free concert
WHAT: Performers from
the School of Music, The-
atre & Dance will be per-
forming some of Brahm's
most famous works. The
show will also feature vocal
performances.
WHO: University Philhar-
monia Orchestra and Uni-
versity Choir
WHEN: Today at 8:00 p.m.
WHERE: Hill Auditorium
Alphabet
lecture
WHAT: Prof. Richard
Janko will discuss the ori-
gin of the alphabet and the
history of advanced com-
munication. There will be
a reception following the
lecture.
WHO: University and Dev-
lopment Events
WHEN: Today at 4:00 p.m.
WHERE: Rackham
Ampitheatre

Shakespeare
WHAT: Members of the
popular, all-male perfor-
mance group Propeller
will perform Shakespeare's
Twelfth Night. Tickets can
be bought online or at the
League ticket office.
WHO: University Musical
Society
WHEN: Today at 7:30 p.m.
WHERE: Power Center for
teh Performing Arts
Ford debate
WHAT: Experts will
exgage ina debate on the
state of cyber security in the
United States
WHO: International Policy
Center
WHEN: Today at 5:30 p.m.
WHERE: Weill Hall,
Annenburg Auditorium
CORRECTIONS
. Please report any
error in the Daily to
corrections@michi-
gandaily.com.

TH REE TH INGS YOU
SHOUtD KNOW TOIJAY
Eclipse, a 557 foot, $1.5
billion dollar owned
by Russian billionaire
Roman Abrovich, made a
surprise visit to New York
harbor, CNN reported Tues-
day. Eclipse is the largest
and most expensive privately
owned yacht in the world.
The HathiTrust Digi-
tal Library holds over
five million books in an
online database, benefiting
students and scholars nation-
wide. But what about the
authors?
FOR MORE, SEE INSIDE
Famed South African
Olympian Oscar Pis-
torius faced a judge on
Tuesday to argue his side of
the murder charges brought
against him by prosecutors,
CBS reported. The judge
ruled that the charges could
not yet be dismissed.

EDITORIAL STAFF
Matthew SlOVin ManagingEditor mjslovin@michigandaily.com
AdamRUbenfireManagingNewsEditor arube@michigandaily.com
SENIOR NEWS EDITORS: Alicia Adamczyk, Katie Burke, Austen Iufford, Peter Shahin,
K.C.Wassman,Taylor Wizner
ASSISTANT NEWS EDITORS: Molly Block, Jennifer Calfas, Aaron Guggenheim, Sam
GringlasDanielleStoppelmann,SteveZoski
Melanie Kruvelis and opinioneditors@michigandailycom
Adrienne Rnberts EditorialtPageEditors
SEIOR EDTORIALPAGEEDITORSesseKen,SarahSkaluba, DerekWolfe
ASSISTANT EDITORIAL PAGE EDITORS: Shaik Bashir, Daniel Wang
Everett Cook and
ZachHelfand Managingsports Editors sportseditors@michigandaily.com
SENIOR SPORTS EDITORS: Steven Braid, Michael Laurila, Stephen Nesbitt, Colleen
Thomas,LizVukelich,DanielWasserman
ASSISTANT SPORTS EDITORS: Daniel Feldman, Greg Garno, Rajat Khare, Liz Nagle,
Jremy Sumi, Alenro Ziiga
KaylalUpadhyaya Managing Arts Editor kaylau@michigandaily.com
SENIOR ARTSEDITORS: Elliot Alpern, Brianne Johnson,John LynchAnnaSadovskaya
ASSISTANTs RTSEDITORS: Sean Czarnecki, CarlinaDuan, Max Radin, Akshay Seth,
Adam Glanzman and
Terra Molengraff Managing PhotoEditors photo@michigandaily.com
SENIOR PHOTO EDITORS: TeresaMathew,Todd Needle
ASSISTANTPHOTOEDITORS:KatherinePekalaPaulSherman,AdamSchnitzer
Kristen Cleghorn and
Nick Cruz Managing Design Editors design@michigandaily.com
HaleynGoldberg Magazine Editor statement@michigandaily.com
DEPUTYMAGAZINE EDITOR:PaigePearcy
Josephine Adams and
Tom McBrien CopyChiefs copydesk@michigandaily.com
SENIOR COPYEDITORS:Jennie Coleman,Kelly McLauglin
BUSINESSSTAFF
Ashley Karadsheh Associate Business Manager
SeanJackson Sates Maer
SophieGreenbaum Production Manager
Meryl Hulteng National Account Manager
Connor Byrd Finance Manager
QUy VOcirculation Manage
The Michigan Daily ISSN 0745-967) is published Monday through Friday during the fall and
winterterms by students at the University of Michigan. One copy isavailiable free of charge
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The Michigan Daily is a member of The Associated Press and The Associated Collegiate Press.

0

*I

'No satisfactory plan'in
Detroit's financial woes

SCHOOL'S IN -FOR
SUMMER SESSIONS 2013
Enjoy all that Chicago and Loyola have to offer this summer while
taking a class to lighten your load for the fall. Choose from several
convenient locations and more than 300 courses.
Chicago .oOnline "Study Abroad
Cuneo Campus (Vernon Hills, IL)
Retreat and Ecology Campus (Woodstock, IL)
Apply and register today at LUC.edu/summer.
LOYOLA
UNIVERSITY CHICAGO
a
r o.
Preparing people to lead extraordinary lives

Gov. may appoint
emergency manager
to handle crisis
-DETROIT (AP) - A state-
appointed review team has
determined Detroit is ina finan-
cial emergency, paving the way
for Republican Gov. Rick Snyder
to appoint an emergency man-
ager who would need to come up
with a new plan to get the city
out of its fiscal crisis.
The team released its find-
ings Tuesday, saying in a report
to Snyder that "no satisfactory
plan exists to resolve a serious
financial problem."
The review team pointed to
the city's ongoing cash crisis,
which have threatened to leave
the city without money to pay its
workers or other bills. It noted
that the city's deficit could have
reached more than $900 mil-.
lion in fiscal year 2012 if the city
had not borrowed enormous
amounts of money; that Detroit
has long-term liabilities, includ-
ing underfunded pensions, of
more than $14 billion; and that
the city's bureaucratic structure
makes it difficult to solve the
financial problems.
"The cash condition has
been a strain on the city," said
state Treasurer Andy Dillon,
a member of the review team.
"The city has been running def-
icits since 2005 ... (and) mask-
ing over those with long-term
borrowing."
Under Michigan law, Snyder
has 30 days to decide for him-
self whether there's a financial
emergency. Mayor Dave Bing
would have 10 days to request
a hearing: Snyder could then
revoke his decision or appoint
an emergency manager.
The emergency manag-
er would be responsible for
overseeing all of the city's
spending. Bing and the City
Council would keep their jobs,
but the manager would decide
all financial matters. And only

the manager would have the
power to authorize the city to
take the bankruptcy route.
James McTevia, president
of a Michigan-based firm that
specializes in turnaround man-
agement, said an emergency
manager could halt the city's
borrowing, freeze debt and
restructure finances, including
voiding contracts. "The check-
book needs to be taken from the
politicians," he-said.
However, others said that
even with an emergency man-
ager, municipal bankruptcy
may be the city's only way out
of the financial mess.
"Is it imminent?. Well not
tomorrow," said Doug Ber-
nstein, managing partner of
the Banking, Bankruptcy and
Creditors' Rights Practice
Group for Michigan-based
Plunkett Cooney law firm "You
need to give a financial man-
ager the opportunity to formu-
late a plan and let the plan have
a chance to succeed or fail. It
may not avoid a bankruptcy,
but you don't need to do a bank-
ruptcy today."
Snyder spokeswoman Sara
Wurfel said he will review the
team's report carefully.
"He won't make a determi-
nation immediately, but sooner
rather than later," she said.
"The governor believes that a
strong and successful Detroit
is key to Michigan's continued
comeback."
Bing said Tuesday's report
shouldn't have surprised any-
one. -
"My administration has been
saying for the past four years
that the city is under financial
stress," Bing said in an emailed
statement. "If the Governor
decides to appoint an emer-
gency financial manager, he or
she, like my administration, is
going to need resources - par-
ticularly in the form of cash and
additional staff.
"As I have said before,
my administration will stay
focused on the initiatives that

most directly impact the citi-
zens of Detroit: public safety,
public lighting, transportation,
recreation and neighborhood
blight removal."
Each of the six review team
members agreed on the finan-
cial emergency determination,
Dillon said.
If Snyder moves ahead and
appoints an emergency man-
ager, Detroit would be the sixth
and largest city in Michigan to
have one. The cities of Benton
Harbor, Ecorse, Pontiac, Flint
and Allen Park are currently
under state oversight. School
districts in Detroit, Highland
Park and Muskegon Heights
also have managers.
A new state law taking effect
in late March gives local gov-
ernments the chance to choose
their own remedy when a
review team finds a financial
emergency exists: However,
Detroit loses those options if
an emergency manager is put in
place before the new law goes
into effect, said Terry Stanton,
Treasury spokesman.
City Council President Pro
Tem Gary Brown said the pace
of fiscal change in Detroit has
been too slow.
"The political will has often
not been there to make the nec-
essary and bold fiscal reforms,"
Brown said in a written state-
ment. The statement went on
to say, "Without a doubt, we
need the support and account-
ability that a State of Michigan
partnership offers. We cannot
address our legacy obligations
alone. And, as Detroit goes, so
goes Michigan."
Now that the depth of
Detroit's woes is clearer, the
most efficient path to recovery
needs to be taken and that falls
to Snyder, Dillon said.
"A lot of the ingredients for
the turnaround of the city are
in place," Dillon said. "Now we
just need to execute. I do believe
strongly that Detroit is fix-
able and can see brighter days
ahead."

t$

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