2013-06-14

90% Haircuts For Detroit; Municipal and State Workers Are Rich Minority

Wow. That is a real default, not even Greece needs haircuts that large.

EMERGENCY MANAGER: DETROIT WON'T PAY $2.5B IT OWES
Kevyn Orr said Friday that Detroit is asking creditors to take about 10 cents on the dollar of what they're owed. Underfunded pension claims will get less.
Pension benefits are vaporized! Teachers, firefighters, police, and municipal workers take heed: you pensions will be nuked. You are the rich minority when it comes to municipal finances.

No comments:

Post a Comment