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Protecting Detroit’s Mayor is Expensive

Posted in Main Blog (All Posts) on November 30th, 2010 5:40 am by HL

Protecting Detroit’s Mayor is Expensive
Michigan Capitol Confidential reports the city of Detroit spends $1.35 million per year on security for Mayor Dave Bing and his wife. There are 16 police officers serving as bodyguards that work in shifts of four to protect the mayor and two more officers that each work on a 12-hour shift to protect the First Lady.

Quote of the Day
“Today we ended sad chapters in Illinois history. Our state leaders tried to sell this seat, and then they blocked a special election to fill it, but the court, the law and the people of Illinois won.”

— Sen. Mark Kirk (R-IL), quoted by the Chicago Tribune, moments after being sworn in to replace Sen. Roland Burris (D-IL).

Estimate of Bailout Cost Falls
“The projected cost of the $700-billion financial bailout fund — initially feared to be a huge hit to taxpayers — continues to drop, with the nonpartisan Congressional Budget Office estimating Monday that losses would amount to just $25 billion,” the Los Angeles Times reports.

In March, the budget office estimated that the program would cost taxpayers $109 billion.

From the report: “Clearly, it was not apparent when the TARP was created two years ago that the cost would turn out to be this low. At that time, the U.S. financial system was in a precarious condition, and the transactions envisioned and ultimately undertaken through the TARP engendered substantial financial risk for the federal government.”

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