This will leave a mark:
A team led by a state-appointed emergency manager said Friday that
Detroit is defaulting on about $2.5 billion in unsecured debt and is
asking creditors to take about 10 cents on the dollar of what the city
Kevyn Orr spent two hours with about 180 bond insurers, pension
trustees, union representatives and other creditors in a move to avoid
what bankruptcy experts have said would be the largest municipal
bankruptcy in U.S. history.
Underfunded pension claims likely would get less than the 10 cents on the dollar. --Gateway quoting AP
Think your tax-free munibond portfolio is solid? Best be reviewing its holdings, eh?
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This is a direct result of 60 years of democrat rule.
I'll go with the (D) rule, thanks.
Next stop, New Orleans:
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