The New York Times reports that the Detroit bankruptcy will provide bondholders with “less than 10 cents on the dollar on some of the city’s unfinanced debt obligations like unsecured bonds,” which totals $11 billion. It’s a little disingenuous to call it “unsecured” debt. It was backed by the word of Detroit’s city fathers, who promised to repay the lenders. That promise was the “good faith” that preceded the granting of all that “credit.” teapartytribune/2013/07/19/debt-troit/
Posted on: Sat, 20 Jul 2013 12:49:24 +0000
Trending Topics
Recently Viewed Topics
© 2015