“The Detroit bankruptcy case has been cast as a contest between bondholders and pensioners that can be resolved only by shared sacrifice. What we do have a problem with is shared sacrifice that does not seem to apply to the big banks that abetted Detroit’s descent into bankruptcy. Last month, just days before its bankruptcy filing, Detroit reached its first settlement with creditors. The settlement was with UBS and Bank of America, and though the precise terms will not be nailed down until the bankruptcy judge weighs in, Detroit is set to pay an estimated $250 million to terminate a soured derivatives transaction from 2005.”
http://www.nytimes.com/2013/08/16/opinion/no-banker-left-behind.html
(Visited 38 times, 1 visits today)
Related posts:
MSCI backs itself into corner on China share inclusion into global index
Iranian-Canadians fume as TD closes accounts
$1,000 gold-covered cupcake? We're so over it
CIA ‘gave millions in cash’ to Karzai over the years
Homeland Security must disclose ‘Internet Kill Switch,’ court rules
Jon Corzine, Ex-MF Global CEO, Is Considering Starting A Hedge Fund
Chinese Way of Doing Business: In Cash We Trust
Lawsuit Filed Over Fatal Police-Involved Shooting At Housing Authority
African Bank rescue rekindles bailout fears
The jihadist behind the takeover of Mosul - and how America let him go
Macedonia Plans to Set up Tax Haven
Julian Assange: Obama ‘validated’ Snowden as a whistleblower
Australian banks put brakes on investor lending
US calls Assange 'enemy of state'
Icelanders Protest in Their Thousands as Parliament Sealed Off