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kairos12

(12,862 posts) Thu Mar 14, 2013, 11:13 AM Mar 2013

No services in Detroit, Millions to Wall Street

http://www.bloomberg.com/news/2013-03-14/only-wall-street-wins-in-detroit-crisis-reaping-474-million-fee.html

snip: The only winners in the financial crisis that brought Detroit to the brink of state takeover are Wall Street bankers who reaped more than $474 million from a city too poor to keep street lights working.

Gotta pay that debt, you know. A shining example of Disaster Capitalism.

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No services in Detroit, Millions to Wall Street (Original Post) kairos12 Mar 2013 OP

What's more of an outrage are Treasury bonds. dkf Mar 2013 #1

dkf

(37,305 posts)

1. What's more of an outrage are Treasury bonds.

Reply to kairos12 (Original post)

Thu Mar 14, 2013, 11:27 AM

Mar 2013

We pay an underwriter to issue Treasuries then they sell it to investors then the investors sell it to the Fed.

At least Detroit got access to funding that kept the lights on prior to this.

Spending $ so that the Fed can buy our debt seems pretty messed up to me.

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