Richard Ravitch is no stranger to municipal financial distress.
Ravitch, appointed last week by Gov. Rick Snyder as a senior adviser to the Financial Review Commission that will oversee Detroit's fiscal decisions for at least 13 years, played a key role in pulling New York City back from a financial brink in 1975, Matt Helms of the Detroit Free Press writes.
Ravitch, 81, is a lifelong liberal Democrat and former lieutenant governor of New York in 2009 and 2010 under Gov. David Patterson.
Ravitch brings a Big Apple sensibility — colorful language, no fear of having and sharing strong opinions — built over a career in which he also guided the New York State Urban Development Corp. back from insolvency. He also helped restore and expand the Greater New York public transit system after years of neglect.
