Please ensure Javascript is enabled for purposes of website accessibility

Could Detroit Become One of Grant Thornton’s New Dynamic Clients?

Maybe! At this point, what harm would it do?

In Detroit, the largest city in [Michigan], the upcoming budgeting process carries an implicit threat: If local politicians can’t convince the state they have what it takes to repair the city’s finances, the state could appoint an outside official to do the job for them. The city has already hit several of the triggers to initiate the process that could install an emergency manager, say local politicians, who are scrambling to keep the city government out of receivership.

But would-be emergency managers say they can succeed where elected officials have failed. They stand to draw six-figure salaries from the local governments under their management, but some talk about this work as if it were a civic duty.

“We feel very strongly that not only is there a business opportunity here, but we want to be part of a solution for the greater good,” said Michael Imber, a principal in Grant Thornton LLP’s corporate advisory and restructuring services practice in New York. “We’re absolutely ready to help.”

Finance Professionals Eye Detroit And Other Strapped Michigan Cities For Emergency Manager Takeover [HP]

Maybe! At this point, what harm would it do?

In Detroit, the largest city in [Michigan], the upcoming budgeting process carries an implicit threat: If local politicians can’t convince the state they have what it takes to repair the city’s finances, the state could appoint an outside official to do the job for them. The city has already hit several of the triggers to initiate the process that could install an emergency manager, say local politicians, who are scrambling to keep the city government out of receivership.

But would-be emergency managers say they can succeed where elected officials have failed. They stand to draw six-figure salaries from the local governments under their management, but some talk about this work as if it were a civic duty.

“We feel very strongly that not only is there a business opportunity here, but we want to be part of a solution for the greater good,” said Michael Imber, a principal in Grant Thornton LLP’s corporate advisory and restructuring services practice in New York. “We’re absolutely ready to help.”

Finance Professionals Eye Detroit And Other Strapped Michigan Cities For Emergency Manager Takeover [HP]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Grant Thornton Scores Coveted ‘Hot Garbage’ Audit (UPDATE)

Ed. note: Adani Group has said that a Grant Thornton audit is simply a “market rumor.” Video update at the bottom. Earlier this month, short seller Hindenburg Research dropped a report called Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History (report here) full of bullet points outlining […]

Grant Thornton’s 2021 PCAOB Inspection Report Wasn’t Too Bad

Of the six 2021 PCAOB inspection reports released before the holidays, we’ve so far taken a look at five: PwC, Deloitte, EY, KPMG, and BDO USA. The last of the bunch belongs to Grant Thornton. We didn’t save the best for last, but it’s not that bad either. From 2016 until its 2020 inspection report, […]