Detroit (US City) Files Biggest BANKRUPTCY In History

[jprich16]

Detroit (US City) Files Biggest BANKRUPTCY In History - Must Watch

did NOT see this happening!

Detroit (US City) Files Biggest BANKRUPTCY In History - Must Watch! - *NEW* - YouTube

Detroit (US City) Files Biggest BANKRUPTCY In History - Must Watch! - *NEW* - YouTube

[Jay]

Detroit (US City) Files Biggest BANKRUPTCY In History - Must Watch

did NOT see this happening!

Detroit (US City) Files Biggest BANKRUPTCY In History - Must Watch! - *NEW* - YouTube

wasn't on the news, but it was on the web a month ago. I think SHTF did an article on it awhile back. Bing said I told her it was going to happen three months ago, but I don't remember.

[mmerlinn]

Anyone that did not see this happening YEARS, DECADES ago, has been sound asleep. With 60,000 abandoned empty buildings in Detroit, and no money to level them, Detroit is and has been a GHOST TOWN for DECADES.

Chicago will probably be one of the next ones considering they are destroying their tax base by forcing all of the taxpayers to leave while the bloodsuckers remain behind.

[swissaustrian]

The largest unsecured creditors in municipal bankruptcies are usually the pension funds of public employees. So the bureaucrats are having to pay the bill for the desaster they created in the end, sweet justice. Of course, there are a few public employees like firefighters who don`t deserve to be punished...

20 largest creditors

Here are the city’s 20 largest unsecured creditors and type of claim:
■General Retirement System: (A) $2 billion
■Police and Fire Retirement System (A) $1.4 billion
■U.S. Bank (B) $801 million
■U.S. Bank (B) $516 million
■U.S. Bank (B) $153 million
■U.S. Bank (C) $79 million
■U.S. Bank (C) $61 million
■U.S. Bank (C) $59 million
■U.S. Bank (C) $45 million
■U.S. Bank (C) $40 million
■U.S. Bank (C/E) $38 million
■U.S. Bank (C) $38 million
■U.S. Bank (C) $35 million
■Downtown Development Authority (D) $34 million
■U.S. Bank (C) $30 million
■U.S. Bank (E) $25 million
■U.S. Bank (C) $19 million
■U.S. Bank (C) $19 million
■U.S. Bank (C) $13million
■U.S. Bank (C/E) $11 million
(A) pension funds; (B) certificate of participation; (C) general obligation bond; (D) loan payable; and (E) capital improvement bond. Source: City of Detroit

From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2ZURYZIhm

Note that they don`t publish the names of the banks

[DSAbug]

already hearing calls to "lend Detroit a helping hand". We need someone to oversee the bailout.. Detroika!

[benjamen]

I saw this today on the morning news. The wife turns to me and sarcastically says "But I thought Obama fixed Detroit with the auto bailouts?"

[PMBug]

Somewhere, I'm guessing Meredith Whitney is shaking her head.

[benjamen]

Do you live in a city worse than Detroit?
http://washingtonexaminer.com/exogra...le/2533338#map

"Detroit declared bankruptcy due in no small part to $3 billion in unfunded public employee pensions owed a sprawling city workforce that kept growing even as the city’s population shriveled, but a Washington Examiner analysis found that 19 major American cities have even bigger ratios of such workers to residents."

Detroit has 1 employee, with an 56k average salary, per 61 residents. Unfortunatly, there are a lot of other cities with worse ratios. The one that really amazes me is Baton Rouge with 1 employee, with a 47k salary, per 30 residents. I used to live near Baton Rogue; it is a really cheap area to live with not a whole lot going on... why do they need so many employees?