Maria Stuart

Maria Stuart
Location
Howell, Michigan, USA
Birthday
February 17
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Bio
Maria Stuart is a journalist without a print job who lives with her husband and son in southeast Michigan. She is currently working on Livingstontalk.com, a hyper-local information and conversation site.

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Salon.com
Editor’s Pick
JUNE 17, 2009 4:07PM

It’s raining dead presidents in Detroit

Rate: 9 Flag
 
MoneyBills

It’s been a week since motorists and passersby competed with armored truck crews and police for money that landed like litter along the I-75/Chrysler freeway in Detroit.

It was about 8:30 a.m. on June 11 when a Loomis armored car transporting an unknown amount of cash lost part of its load, reportedly newly printed $20 and $100 bills. No one’s yet sure how it happened. The freeway was closed for about an hour as Loomis crews and police recovered as much of the cash as they could.

But they had competition. According to news reports, dozens of motorists and passersby scrambled along the freeway to grab up as much money as they could.

In the end, there’s $160,000 missing.

Loomis put out word that if anyone turned in any of the cash by noon the next day, it would pay a 10 percent reward and ask no questions. After that, Loomis said it would try to identify and turn over to authorities those who grabbed the money off the freeway; anyone making off with more than $100 could possibly be charged with larceny, which is a felony.

Now, a week after Loomis announced its reward program, no one’s turned in a single dollar, and no one around here is surprised.

That no one turned in any of the money is a sign of just how desperate life in the city is these days. The once-mighty center of the manufacturing universe, Detroit today is but an anorexic ghost of its powerful past; it is ground zero of the ongoing American economic collapse.

The Brookins Institute just released its ranking of how the 100 largest American metropolitan areas have fared in the current recession. The institute ranked each area based on employment, unemployment rates, wages, gross metropolitan product, housing prices, and foreclosure rates.

San Antonio, Texas, led the list for successfully weathering the economic tsunami that has, in turn, savaged Detroit, which ranks dead last.

Once again, no one is surprised.

 

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Comments

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Great title for a post. I honestly wish more of these trucks would have these kind of incidents all over the country (looking out my window as I type this response and all I see are gardener's vans).
Wow - great illustration of the obvious. I hate bad/sad news, but I dig the way you write about it. Still keeping my fingers crossed for the region, and the state.
Every time it rains, it rains, dead presidents from heaven . . .
we need some of that rain around here!
What? Loomis isn't insured?

Don't know what to say. This is so sad.
So, if you're the person who has $160K in found money, and they offer you ten percent of it, unless your name is Warren Buffett or Bill Gates, why would you turn it in?

And most of the people probably got a few grand, not all $160K. A lot of people probably got a little bit of cash.

Not enough to be worth coming forward.
Sad but not surprising - I can only imagine the chaos amongst all those flying bills! Yesterday I found out that Oceana County (where our camp is) is now the poorest county in MI -maybe they can send one of those trucks through some of the rural areas next!
Brilliant comment Tony. Did it cross your mind that one should give it back because it is not their money. So you re rationalizing stealing.
Something to be proud of. Geithner must be your hero.
Let's just consider this part of the economic stimulous package!
Great writing style.

Supicious...money was just dropped in Detroit by accident from an armored vehicle? Perhaps, some considered it a stimulus.
Finetothe left- I guess we were thinking along the same lines.
Why do I find myself wishing ALL the money blew out of that truck, instead of just a portion of it?

Sad topic, great post.
Everyone in these parts wishes the truck was passing through their neighborhood. This is certainly an interesting case.

Love the economic stimulus angle. I am thinking it would have been a cool way to distribute all the bailout money.
Oh yes, I keep coming to the same conclusions, people are doing the darndest things for the almighty buck. It is sad, there are countless numbers of things going on from conterfiet to prostitution, and money laundering and more stuff that is illegal than legal. What does this say about desperation, well you can take a choice. The one side that listens and worrys or the other that is more than petrified they'll get found out.