Detroit’s bankruptcy a lesson in bad business

Last month, the U.S. Bankruptcy Court in Detroit approved $178 million in legal and consulting fees as the city exited bankruptcy protection.

It is the most expensive municipal restructuring in our nation’s history and the money paid to lawyers and consultants alone is more than it cost to run the entire Seattle City Fire Department last year.

To put its total debt in perspective, the amount Detroit owes its creditors is equivalent to the entire Washington state budget for this year.

Once America’s fifth largest city, Detroit has seen its population drop by 60 percent. Unemployment stands at 1...