Bankrupt.
A new water park opens, but the water doesn't work.
The emergency dispatch system routinely fails.
All the while, one group emerges as the clear winner. [NYT: Detroit Bankruptcy Shows How Wall Street Wins, MoneyNews.com, 8-16-2013]:
Detroit's bankruptcy case is another example of how Wall Street wins, according to The New York Times.
Fixing Detroit's financial dilemma is supposed to be done by "shared sacrifice" between pensioners and municipal bond investors. Nice idea in theory, but the big banks — which helped cause the city's financial problems — don't seem to be sharing that sacrifice, according to The Times' editorial board.
Meanwhile pensioners are vulnerable, as their pensions are not federally insured and many do not get Social Security.
Under its settlement in the works with creditors, the city will pay approximately $250 million to UBS and Bank of America to settle derivative deals, know as interest rate swaps.
In the swap deals, the banks would pay the city if rates rose, while the city would pay the banks if they fell. As it turned out, rates fell and the city had to pay the banks about $50 million a year and pledge $11 million a month in casino tax revenue as collateral.
Under the settlement, which still needs to be approved by a bankruptcy judge, the banks agreed to take a 25 percent haircut. That doesn't mean they'll suffer, The Times notes, as they've already made money of the swaps.
"The banks' 25 percent hit is nothing compared with the 90 percent cut to pensions suggested by the city — a cut that would be disastrous in both human and political terms and that the State of Michigan must prevent from happening," The Times argues.
"Municipal officials are prey for Wall Street," the paper asserts.
The Dodd-Frank Act law instructs regulators to improve protections for municipalities and other clients who deal with Wall Street. But the Securities and Exchange Commission has yet to complete rules, and the Commodity Futures Trading Commission's rules are so weak, the newspaper says, they practically invite banks to exploit municipalities.
"The special treatment banks receive when debtors are in or near bankruptcy," the editorial board states, "is unfair and economically destabilizing."
Banks' swap deals are inadequately regulated and typically not subject to court rulings. In Detroit's bankruptcy case, banks are paid before other secured creditors, which is destabilizing because it encourages recklessness, according to The Times.
Ironically, Detroit's swaps deals worsened its pension obligations, according to The Wall Street Journal. They were supposed to help alleviate its debt load, but ended up cutting off access for the casino revenue.
The bankruptcy case will probably set precedents for handling swaps counterparties, as well as bondholders and pensioners, Reuters predicts.
40 comments:
Squids at work. Heads they win, tails you lose. Damn it feels good to be a banksta!!
There is always room for the kind words of Emperor Palpatine.
Paul,
You should check out the story of the three bored "teens" who shot and killed an Australian.
They, of course, look like they could be sons of Obama.
The city of Duncan has only about a 1% black population.
http://www.nypost.com/p/news/national/police_australian_player_killed_J8hM1jhw9Us1DltFFWCGQM
Yet another foreigner "educated" about the Magic Negro
3 teengage subhumans, one Australian baseball player out for a jog, what could go wrong?
I'm wondering when Al, Jesse, et. al. are going to be marching for this poor bastard that didn't realize that YES the North American Pavement Ape does indeed live in the heartlands of the midwest too in Oklahoma...
"Dey good boyz, dey aint do nuffin..."
'...the 90% cut to pensions...a cut...that the State of Michigan must prevent from happening.'
State of Michigan nothing. What that means is that the taxpayers of Michigan have to pay out many billions. And why should they, many who have been robbed of corporate pensions, guarantee those of Detroit?
I now many people who were robbed of their corporate pensions after having faithfully worked for decades when corporate consolidations and the new conglomerate legally reneged on pensions merely putting the money in their pot. Who volunteered to make them good? So by what inequity do other people have to make good the malfeasance of Detroit?
Send the Detroit administrators to prison but other taxpayers are under no obligation to make good their malfeasance.
The mayors of Detroit had to see it coming and take appropriate measures. Because they were stupid as dogshit doesn't mean others have to take responsibility for them.
http://www.heraldsun.com.au/news/three-teens-accused-of-murder-of-baseball-player-chris-lane-identified/story-fni0fiyv-1226700172461
More Obama kids at work....make this your next post.
The police chief labeled one as Caucasian, you can clearly see he is mixed. I guess color only matters when it fits their agenda. I guess Obama wasn't the first negro president after all.
I don't agree with the part about the lenders "causing" Detroit's problems. That's entirely on the shoulders of black dysfunction. If they are at fault, it was not cutting off the lines of credit to such a dysfunctional black city sooner than they did.
In the swap deals, the banks would pay the city if rates rose, while the city would pay the banks if they fell. As it turned out, rates fell and the city had to pay the banks about $50 million a year and pledge $11 million a month in casino tax revenue as collateral.
Ofcourse they fell! the banks decide the rates!! uuuuugggghhhhhh idiots!!
"that the State of Michigan must prevent from happening."....SOMEBODYS' GOTS TO DO SOME'FIN!!!..bullshit. If you get on the highway in your car and plan to go 100 miles, and your gas gauge goes to empty, and like a shithead you keep driving until the car runs out of gas, then it's because you are an irresponsible SHITHEAD. And nobody has to do NUFFIN'S. Start walking, bone~head.
OC had a similiar deal with Bob Citron. Difference? Then OC could pay the money bc it was mostly White. Not now of course.
From the story at: http://www.heraldsun.com.au/news/three-teens-accused-of-murder-of-baseball-player-chris-lane-identified/story-fni0fiyv-1226700172461
THE images of three youths police say murdered Melbourne baseballer Christopher Lane have emerged.
They did not state the race of the "youths" -- but did have their photos which is a step up.
Cue parents:
But their parents yesterday protested their innocence. Jennifer Luna, whose son is suspected of firing the fatal shot, claimed her son was at home saying: "My son is not that way. My son is a good kid."
A "good kid?" Maybe because he shot YT?
Earlier today, former deputy prime minister Tim Fischer has urged Australian tourists to boycott the US in the wake of the shooting murder of the Melbourne baseball star. Mr Fischer said he was deeply angered by the latest tragedy and said turning our backs on America would help send a stern message about the need for tighter gun control.
Well, perhaps Fischer would like to import America's "youths" to his gun-free country? I am sure he could show us how to deal with them short of resorting to firearms.
...Duncan Police Chief Danny Ford said he had secured the confession of the 17-year-old who summoned investigators to his jail cell and claimed he and the younger boys were bored "so they decided to kill somebody".
Bored?
Bored?
So they murder someone.
Because they are bored.
I suppose I can make all sorts of proclamations about their totally amoral attitudes. Or comment about how after decades of civil rights you end up with "youths" who have so little regard for human life that they kill people to relieve the boredom.
Compare this with the Zimmerman case. You can understand someone shooting someone in the middle of a fight, regardless of how justified. Or in the course of an armed robbery. Or for revenge.
But to kill someone because of boredom?
What does this say about the default condition of these people? It's like they've reverted to some primitive state where restless tyros go off to raid the neighboring tribe. Remove the social controls which were once in place in America, and this is what you get.
Yesterday, shocked family and friends were trying to make sense of the tragedy.
It makes sense when you understand the nature of BRA. That white people have been so demonized that their lives are expendable to relieve "youth" boredom. That white people have become so deracinated that they no longer seek to protect themselves from urban guerrillas and their terrorism.
Would such a murder have happened prior to Brown vs Board of Education?
The police chief labeled one as Caucasian, you can clearly see he is mixed. I guess color only matters when it fits their agenda.
Per the Zimmerman case, he is a "black-white."
In response to the Australian man gunned down. Of course it is the NRA's fault according to the NY Times article. It can't be those young jiggaboos that hate whitey. It can't possibly fall back to parenting that teaches their kids good morals and how to act toward others. I have never met one single white person in my life that ever thought of shooting someone because they are bored.
That is the difference between the mind of a monkey with no social evolution, disregard to other life, and a culture of filth compared to that of modern white culture.
These acts of violence towards whites are ever increasing. If it does make the media it is spun into some liberal agenda. I will never give up my guns!! No man will leave me defenseless against this monkey horde in America.
Anonymous:
Ofcourse they fell! the banks decide the rates!! uuuuugggghhhhhh idiots!!
They could care less. They know very well that YT will end up being stuck with the squids' tab - as he always does. This article is actually really a very important one because it shows how BRA really works, and who is the primary beneficiary of the massive looting scheme.
Most white folks are financially illiterate - part of the fine public edumacation they paid for, delivered by the teacher unions. Lorraine is one of the few here who "gets it". It's long past for all the Y.T. Rayciss kkklan to declare a century of jubilee. All debts cancelled - by simply walking away from them. If sufficient numbers of folks actually did it, the whole racket would implode. Moralistic pseudo-arguments about how we should honor debts are BS. You owe absolutely nothing to folks who are attempting to extermiinate you from the face of the earth. Whether it's groids or the vampire-squids who run BRA on their behalf: WE OWE THEM NOTHING! (except maybe a bullet between the eyes).
Blame should fall on those elected who failed to exercise due diligence in their fiscal policy. Banks, lawyers, and whatever else cannot sell you anything without your approval. Jefferson county is trying to come out of the largest bankruptcy in history, only eclipsed by Detroit. Many of the former county commissioners are in jail today, but the creditors will still get something. Sewer rates are skyrocketing. There's even been talk of a "clean water fee" assessment on folks using septic tanks! They live in the county without sewer service yet they may end up shelling out too. Saw this coming 5 years ago and got the hell out to another county before it hit the fan. Wish to move to an area with few blacks, or none, as my Negro fatigue is extreme!
the police chief labeled one of the blacks as being WHITE, even though he is BLACKER then Obama (and Obama is "black").
ALL THREE TEENS WERE BLACK. look at their pictures. There is no debate. Don't even feed for one second into any debate about whether the murderers were black. It's another cowardly, politically pressured move to hide the OBVIOUS TRUTH of the matter:
The town is 1% black.. ONE PERCENT. This was another BLACK ON WHITE hate crime.
None of the MSM - ABC, NBC, CNN... Not one mentioned the fact that the "teens" were black and that the victim was white..
If obama had three sons...
mixed???? the pictures I saw, all three "teens" were BLACK. There's no " mixed" about it.
I believe this incident should mobilize White people into action. spread the word about this White man's death at the hands of these cowardly racists.
This baseball player was semi-famous in Australia. let's make him FAMOUS the way obama's son was made famous.
This poor White Man will become the poster boy for White victimization.
The time is NOW.
SO let me get this straight...
the municipal employees who helped pilot Detroit straight into the dirt want to get paid for their work? They want a comfortable retirement from the city they destroyed?
They can can go f^ck themselves.
Set up the fence, set up broadcast cameras. I want to watch them eat each other to death. Upload a particularly gruesome kill and I might send you a dollar. And I might not.
F^cking starve, Detroit. Let your poor, violent final days be a vivid tale of the consequences of unbridled Africanism.
They aren't human.
They aren't even sub-human
They aren't even Simian
They are hominids. If even that.
Bonsoir, two days ago i was saying that i didnt undertsand how a house could be sold for 0 dollar... In fact in France we have the same thing but it's nots with house but with appartments.
The difference between France and USA is that, for the moment, guettos are in big buildings. On the contrary, areas of houses in USA are guettos too. I saw a document on Compton the document was not frightening, only houses.
In France socialists say that big buildings create criminals, the situation in USA means that whenever you put blacks in houses or building they ruin the area where they are.
Except it, in MArseille we have celebrated the 14th dead of the year...how many in chicago, detroit and St Louis??
Can you tell me what is section 8, simply please?
Bye
"The police chief labeled one as Caucasian, you can clearly see he is mixed."
It works this way: If he is the victim, he is black. If he is the perp, he is white.
The lenders had no problem in keeping the feed line of loans open to the groids because they and the Fed believe that the White goy will always be good little cogs who will dutifully pay their taxes and breed only the amount if kids they can feed.
The Hispanics are the next in line when OR IF the whites die out.
Amurkistan is a big temporary employment agency run by white elites and their stein lackeys, not unlike Medieval Europe.
White Mom in VA
very sad...productive member of society gunned down by feral negro children...
http://www.dailytelegraph.com.au/news/two-teens-charged-with-murdering-melbourne-baseball-player-chris-lane/story-fnii5smt-1226700172461
blancseinesaintdennis:
Section 8 is a program of subsidized housing for the poor, like "social housing" in the UK. What causes Moslem crime in France? A legacy of slavery?
Bogolyubski:
I agree. Most white people are financially illiterate. Further, they are not interested in learning about finance.
Eric Holder feels that the logic in the Supreme Court decision gutting the Voting Rights Act was flawed, so he decided to ignore ... the established case law.
Holder’s announcement was prompted by last month’s U.S. Supreme Court decision, which effectively removed a vital provision of the landmark 1965 Voting Rights Act (VRA). The provision had required 16 jurisdictions, including several former Confederate states like Texas, to seek pre-clearance from the U.S. Department of Justice (DOJ) before making changes to election laws and redistricting maps. The attorney general called the court’s reasoning in the Shelby County v. Holder case “flawed”, and with little chance that a divided Congress would address the issue, the administration pledged to seek other remedies. Holder announced he would revive legal battles made moot by the high court decision by turning to other provisions in the VRA that allow plaintiffs to present specific evidence of minority disenfranchisement to the courts as a step to pre-clearance.
Read more: http://nation.time.com/2013/07/27/eric-holder-takes-the-fight-for-voting-rights-to-texas/#ixzz2cXrKOGqH
Groids do not obey the law. In this case, Holder decides which law to ignore while trying to force Texas to gerrymander his way.
Anonymous said...
very sad...productive member of society gunned down by feral negro children...
http://www.dailytelegraph.com.au/news/two-teens-charged-with-murdering-melbourne-baseball-player-chris-lane/story-fnii5smt-1226700172461
Question: Where did the groids get their .22 ammo? .22 has been off store shelves since November, 2012.
Water mains don't just break, even if they are 100 years old. They break because some groid engineer told some other groid to dig near them. They'll be okay. Don't worry bout nuffins.
In France socialists say that big buildings create criminals, the situation in USA means that whenever you put blacks in houses or building they ruin the area where they are.
Socialists claim that material conditions create social disorders. However, big buildings (housing projects) do not create this kind of crime among white people. I have some experience in the Czech Republic. When I was there, many Czechs live in Soviet era block style buildings. But there was little poverty or crime, and the grounds were well kept.
In the USA, we have had many poor whites live in housing projects, and they do not trash them. We also have individual housing or small apartments in which blacks live, and there is frequently much poverty and crime in them. Los Angeles, for example, has very little in the way of big building projects but has an enormous gang insurgency. Do a Google search on Nickerson Gardens, a showcase of government housing for blacks. It's essentially a no-go zone controlled by gangs. You can use Google maps for a street level view.
Detroit had every manner of structure. When it was a white majority city, it was prosperous and safe. As a black run city, you have the same buildings but the city has disintegrated. A black family can buy a single family house in Detroit for as little as $1 (yes, one dollar). Despite this, there is immense poverty, crime and infrastructure collapse.
Look at South Africa. When apartheid ended and blacks could move into the "good" neighborhoods, what was the result? An explosion in criminality.
Bear in mind that most socialists are ideologues. They believe in what they believe in, regardless of the reality. If the reality does not match their ideology, they will reinterpret reality...no matter how much destruction this causes in the real world.
Legally bondholders come first. Public sector unions contributed to bleeding Detroit dry with unrealistic pension benefits.
If dats a 'Caucasian'..gees.
Is obongo White?
blancdes:
Section 8 is a government policy, allowing poor people (blacks and browns) to live in more prosperous, white areas.
Section 8 pays for the apartment or house that the groids stay in.
And when they move in, they destroy the place.
but the big banks — which helped cause the city's financial problems — don't seem to be sharing that sacrifice,...
Of course. It's evil Wall Street, not black people, who are at fault.
We are looking at this all wrong! This could be a real help and understanding for the negro! Maybe this is a breakthrough for the negros! Maybe they have really come to grips with their psychopathic criminality and are saying right to our faces: "We are all Treyvons".
I think this is a great breakthrough, a point where Whites can openly say to negros; "Look, you guys need help, mental help. We need to live separately till you get better."
Personally I applaud this cry for help and hope that negros gain an insight as to why people find them dispicible, evil, cowardly, smelly, low I.Q., childish, insensitive, destructive, psychopathic bastards. That every negro is capable of taking offense over little things and pummeling you to the ground. That every negro who has sired a male sprog is a potential "Trayvon". A Treyvon is a violent unpredictable child born of a negro who is kicked out of school, commits burgulary, drinks "lean", buys illegal handguns and attacks other races. Good Toby! You got it right!
Yes negros, you are all "Treyvons".
Monsieur Blanc from France:
I know that in Europe everyone believes that the US government does nothing for the poor, but there are actually numerous housing programs here. Most are funded by the federal government, some by state or city programs.
Up until the 70s or 80s, the government used to build apartment buildings for the poor, but there was so much crime in these apartment projects that they came up with the concept of spreading the blacks over a wider area by giving them a subsidy that could be used in ANY private apartment complex or house if they could get the owner of the property to agree.
This is called a "housing voucher" or "Section 8". The value of the voucher varies depending on where it is used, so the people with vouchers have an incentive to try to move to the most expensive areas. The voucher usually pays more than the landlord could charge to an unsubsidized family, so many landlords are willing to take Section 8 families, even though they have a very bad reputation for damaging the places that they live.
Before Section 8, most cities had many areas that were almost completely white, but after the introduction of Section 8, all white areas are shrinking, and minorities are moving into nearly every neighborhood other than the absolute wealthiest ones.
Exactly! We still cannot even name our true enemy. We will only have hope of freedom when we can name our enemy and live out our destiny and design as an exclusively white nation. (No, I'm not advocating walling us off or not allowing foreigners in. But they must be as visitors, not land owners and not citizens).
How often do you see Negros at the range? It was just laying around left over from their lady drive by. Probably purchased years ago our stolen during a B &E.
10mm auto....
Awesome post! lol
The detroit dept of water and sewer employs over two thousand workers, a couple of years ago they took bids to privatize the dept one of the bids was to do the same work with one hundred sixty employees. Of course the plan fell through because of violent union protests.
Mich Mike
Sec 8 is a grant that is givin to poor at tax payer expense to pay rent pretty much for life. The landlords of apartments love it because they get many times more the rent than the aparments are worth.
Mich Mike
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