Detroit in a Hostile Takeover Bid?

CBS News - December 4, 2011

The Detroit skyline is seen in this 2008 file photo. (Spencer Platt/Getty Images)

(AP) 

DETROIT - The idea is extreme, even in a city accustomed to fighting for survival: Should the state of Michigan step in to run Detroit?

The governor has taken steps in that direction, proposing an unprecedented move that could give an appointed manager virtually unchecked power to gut union contracts, cut employee health insurance and slash services. But city leaders bristle at the notion. Said the mayor: "This is our city. Detroit needs to be run by Detroiters."

(READ COMPLETE ARTICLE)