Saturday, June 15, 2013

Whooops! We're Outta Money!

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 owes them.

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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6 comments:

  1. Anonymous6/15/2013 9:49 AM

    This is a direct result of 60 years of democrat rule.

    ReplyDelete
  2. Paul Kersey6/16/2013 10:17 AM

    This comment has been removed by a blog administrator.

    ReplyDelete
  3. George Mitchell6/17/2013 7:20 PM

    This comment has been removed by a blog administrator.

    ReplyDelete
  4. Anonymous6/17/2013 8:54 PM

    Racist blog.

    ReplyDelete
  5. Dad296/17/2013 9:01 PM

    I'll go with the (D) rule, thanks.

    ReplyDelete
  6. Anonymous6/18/2013 5:52 PM

    Next stop, New Orleans:

    http://stuffblackpeopledontlike.blogspot.com/2013/06/new-orleans-times-picayune-citys.html

    ReplyDelete