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Nightly Business Report - Friday July 19 2013

Nightly Business Report - Friday July 19 2013

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Tonight on Nightly Business Report, the day after Detroit files the largest municipal bankruptcy in U.S. history, what happens to its city workers, bond holders and mutual fund owners?

And, as the temperature rises, power companies are put to the test. But what if a utility could store electricity before a heat wave hits? NBR will introduce you to one company that wants to make that a reality.
Tonight on Nightly Business Report, the day after Detroit files the largest municipal bankruptcy in U.S. history, what happens to its city workers, bond holders and mutual fund owners?

And, as the temperature rises, power companies are put to the test. But what if a utility could store electricity before a heat wave hits? NBR will introduce you to one company that wants to make that a reality.

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Published by: Nightly Business Report by CNBC on Jul 22, 2013
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Show: NIGHTLY BUSINESS REPORT><Date: July 19, 2013><Time: 18:30:00><Tran: 071901cb.118><Type: SHOW><Head: NIGHTLY BUSINESS REPORT for July 19, 2013, PBS><Sect: News; International><Byline: Tyler Mathisen, Sue Herera, Brian Sullivan, Julia Chatterly, Scott Cohn, Eunice Yoon><Guest: Ron Insana, Mark Luschini><Spec: Detroit; Cities; Economy; Steve Cohen; SEC; Business; Crime; Energy; Utilities;Technology><Time: 18:30:00>ANNOUNCER: This is NIGHTLY BUSINESS REPORT with Tyler Mathisen andSusie Gharib, brought to you by --(COMMERCIAL AD)TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR: The day after. InDetroit, reality sets in. So, what happens next to city workers, bondholders and mutual fund owners now that it`s become the largestmunicipality ever to go bankrupt?
 
 SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR: Charged. SEC says SteveCohen, the billionaire hedge fund manager, the government seemingly lovedto hate, failed to prevent insider trading by his employees.MATHISEN: And, peak power usage. The mercury is rising and grids areunder pressure. But what if the utility could store electricity before aheat wave hits?All that and more tonight on NIGHTLY BUSINESS REPORT for Friday, July19th.HERERA: Good evening, everyone. I`m Sue Herera. Susie Gharib is off tonight.It is the day after the largest municipal bankruptcy in the nation`shistory. And today, the reality of just how bad things really are inDetroit and how bad they can get is just sinking in. What will happen tothe city`s 100,000 creditors? How much will bondholders recover? And whatabout the pensions of current and former policemen, firemen and other cityworkers?The unknowns, along with the growing number of lawsuits already beingfiled and are many, they will likely take years to shake out.
 
Brian Sullivan is on the ground in Detroit where city and stateofficials are hoping this drastic move will save the city.(BEGIN VIDEOTAPE)BRIAN SULLIVAN, NIGHTLY BUSINESS REPORT CORRESPONDENT: For years,Detroit is living on borrowed money and borrowed time. And now, it seemsthe city may have run out of both -- Detroit filing the largest municipal bankruptcy in the history of United States, listing billions inobligations, hundreds of millions in deficits and more than 100,000creditors.The city blames a number of things for the filing: the declining population, which has sent the population down by more than half over thelast 50 years and with it, a declining tax base. In fact, by someaccounts, in a 77-block area, just one home per block on average is payingtaxes, and there are more than 76,000 abandoned homes and structures in thecity.We went out to see some homes and structures that are being torn downto try to make the city a little more pleasant to live in, in what has beena very difficult time for many Detroit residents. Now, the case is far from certain. In fact, there are moves to block the case from going intocourt, however, if the case does indeed go into bankruptcy courts, themayor and the governor of Michigan are hoping that the courts will wipe out

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