Here's an article offering a run down of the basics surrounding the Twitter IPO. Here is another one that explains what an IPO is and what it does.
Finally, here's a bit about Detroit's situation. It is complicated because there are several different things happening at once: there was just an election for the office of mayor, but the mayor does not have much power because the state appointed an emergency manager to fix its finances. It is the emergency manager who decided to file for bankruptcy, and some speculate the reason for this is that he wants to cut pensions for retired employees and sees this as the best way.
To me it seems interesting how the big investors have an advantage over the public when it comes to their investment. They are allowed to analyze their potential investment so deeply while the public in their own ignorance is almost taken advantage of since they don't really know how to make a smart trade.
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