Instead, officials are pushing draconian pension cuts, while the - TopicsExpress

Instead, officials are pushing draconian pension cuts, while the lion’s share of the Barclays loan — $230 million — would go to pay Bank of America’s termination fees in the old swap deal. As if deliberately underscoring how all of these machinations serve to enrich Wall Street rather than to support the city, Detroit officials have tried to keep the fees associated with the new loan secret. As the Detroit Free Press reports, Barclays attorney admitted that “revealing the fees could invite competitors to offer financing to Detroit at a better rate.” In other words, the bank aimed to keep the terms secret in order to keep bank profit margins as high as possible.

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