A bunch of mega-foundations just pledged $330 million to help bail out Detroit's retiree pensions and save the city's art collection, $4 from the Michigan court handling the city's bankruptcy.
The $4 and $4 will oversee the rescue fund, though the release does not explicitly break down which charities are paying what amounts.
More foundations are expected to pledge additional amounts.
$4 about the total pension shortfall. Emergency manager Kevyn Orr has put the number at $3.5 billion, while pension leaders say it's actually less than $700 million.
Either way, Orr had recently begun getting quotes for the city's prized art collection as a way to help pay down those costs.
$4 on the fund:
