Because investors who manipulate markets for profit so much more - TopicsExpress

Because investors who manipulate markets for profit so much more deserve their returns than do retirees who worked for their meager retirements over a lifetime and who, without them are destitute. For months, as Detroit reached deals with groups of creditors, including city workers and retirees, Syncora and Financial Guaranty had held out, becoming the city’s most outspoken adversaries. Among their complaints about Detroit’s plan to shed $7 billion and spend about $1.5 billion on city services: that it favored retirees as it forced much harsher losses on the investors who took part in the 2005 borrowing, and the two insurers themselves. The borrowing raised $1.4 billion to help fund the retirees’ benefits.

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