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no money no problems

dante

Unabomber
Feb 13, 2004
8,814
8
looking for classic NE singletrack
From the WSJ:

Most at risk under the bankruptcy case is the city's $11 billion in unsecured debt. That includes almost $6 billion in health and other benefits for retirees; more than $3 billion for retiree pensions; and about $530 million in general-obligation bonds.

A plan Mr. Orr disclosed last month calls for paying off the majority of what secured creditors such as certain bondholders are owed while offering pennies on the dollar to unsecured bondholders, unions and pension funds.
But I'm sure that the Republicans who rammed this through over the will of the people of Michigan really have all those poor people's best interests at heart, right?
 
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$tinkle

Expert on blowing
Feb 12, 2003
14,591
5
since we're insinuating party politics where it may (or may not) belong, when's the last time a republican was mayor of detroit?
 

dante

Unabomber
Feb 13, 2004
8,814
8
looking for classic NE singletrack

stoney

Part of the unwashed, middle-American horde
Jul 26, 2006
14,684
1,631
Colorado
*
WSJ said:
Most at risk under the bankruptcy case is the city's $11 billion in unsecured debt. That includes almost $6 billion in health and other benefits for retirees; more than $3 billion for retiree pensions; and about $530 million in general-obligation bonds.A plan Mr. Orr disclosed last month calls for paying off the majority of what secured creditors such as certain bondholders are owed while offering pennies on the dollar to unsecured bondholders, unions and pension funds.
Legal precedent and debt structuring have all available funds be paid out in this order:
Due wages, taxes, loans, secured debt, unsecured debt, equity holders

It sucks to be the people on the receiving end, but every pension can be cashed in and converted into an IRA. Unsecured bondholders know their risk when they purchase a high default risk bond, and are paid accordingly via coupon rate.

It's not like there was no warning that Detroit was on the path to default. If you can't get out from in front of that train, it's your fault.
 

IH8Rice

I'm Mr. Negative! I Fail!
Aug 2, 2008
24,550
490
Im over here now
78,000 abandoned buildings, 66,000 empty lots, 40% of the street lights dont work, 16% unemployment rate, 5x the national violent crime rate. awesome
 

$tinkle

Expert on blowing
Feb 12, 2003
14,591
5
as if it needs pointing out, republicans hate black people
and black republicans have the unique distinction of also hating themselves
especially those named 'Unique' (various spellings)
 

stevew

unique white person
Sep 21, 2001
32,242
3,066
...or give it straightaway to the Koch brothers as they are already trying to bury it under mor toxic ****.

http://www.businessinsider.com/koch-brothers-oil-sand-coke-byproduct-along-detroit-river-2013-5
It makes sense then that one of the largest petroleum coke dealers in the world, delivering more than 11 million tons of fuel-grade coke every year, is Oxbow Carbon owned by David and Charles' brother, William Koch.

Read more: http://www.businessinsider.com/koch-brothers-oil-sand-coke-byproduct-along-detroit-river-2013-5#ixzz2ZihFXT75
"i'm your pusher" is their theme song.
 

Jm_

Turbo Monkey
Jan 14, 2002
9,725
2,083
AK
I say we sell Texas back to Mexico to pay off the debt. No doubt with all the drug money they could probably gather enough $$$ to do it and everyone would benefit. Mexico is a christian nation, texas is a christian nation, mexico is about unregulated capitalism, texas is about unregulated capitalism. It's a match made in heaven. Every so often I get these absolutely genius ideas...
 

$tinkle

Expert on blowing
Feb 12, 2003
14,591
5
from helen thomas' obit:
"Thomas is to be buried in Detroit, 'the beloved city of her youth,' the family said." In Thomas's youth, Detroit was an industrial powerhouse.
damn, she was 92, so i'm guessing this 'powerhouse' era predates tucker & edsall
 

dan-o

Turbo Monkey
Jun 30, 2004
5,490
1,635
Headed back to Detroit for a reunion this weekend.
Looking forward to cruising my old playground and showing the boys where I grew up.
Hoping the car won't get stolen, like the 6 that were when I lived there.