In what has been described as "the largest state takeover of a city in U.S. history," an emergency financial manager has been officially appointed for Detroit.

Detroit Mayor Bing, Gov. Snyder and newly appointed Emergency Financial Manager Kevyn Orr at a press conference. (Photo: Michigan.gov) After being recommended by Michigan Gov. Rick Snyder and unanimously approved by the Emergency Financial Assistance Loan Board on Thursday afternoon, bankruptcy attorney Kevyn Orr will begin his role as emergency financial manager for an 18-month term starting March 25.

Orr will make $275,000 a year for his role, a job he described to The Wall Street Journal and The Detroit News as "the Olympics of restructuring."

Mlive.com reports that

As emergency manger, Orr will have the authority to strip elected officials of their powers and pay, sell city assets and void union contracts.

As for the job, Orr said, "I will go at it with full force."

In November, Michigan voters rejected the state's Public Act 4 of 2011, an emergency manager law, only to have a replacement emergency manager law signed by Snyder at the end of 2012.

Yet Orr today called Detroit "arsenal of democracy."

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