Loan money to crack addicts, expect to get burned.
I thought they had already filed for bankruptcy.
And cuts to insane public union pensions???
NOT pennies on the dollar (even though they are unsecured creditors)...
Asking the union thugs to make “painful sacrifices” is like asking a pigeon to lay a three cheese omelette.
Lots of expensive paintings in the city-owned museums and the like. These ‘stake-holders’ are likely to be wondering why these are not sold first!
From the “Paris of the West” to “Deadbeat on the Border!” When was the last balanced fiscal budget passed?
Banks kept buying Detroit bonds, booking both the fees, and the expected revenues, even while the status of Detroit’s Finances were widely known.
Obviously, the expectation was of yet another big taxpayer bailout.
This should be HUGE red flag to buyers of California bonds, or the bonds of any other Dem-run hellhole, but it won’t be. The fees for those bonds, and the commissions paid on those fees, get booked in THIS quarter.
What happens in 7 or 8 quarters is someone else’s problem.
No union leader is going to accept voluntary cuts to union pensions. Unless the rest of us make up the difference. Welcome to Democratland.
The retired employees of the city of Detroit should sue the Democrat Party. They caused this mess and they have lots of money.
Bankrupt= you’ll take what we give you. ..
The wages of socialism...YOU GOT PLAYED...
Of course the Rat Party unions will get every penny of their bloated salaries/pensions.It’s poor slobs like independent snow plow drivers who’ll get 0.5% of what they’re owed.
Coming to everywhere. Bondholders take haircuts, pensioners take haircuts, and useless regulatory offices must be closed.