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IPFS News Link • Obama Administration
Five years later we are about to get a stark reminder that under the
superpriority rule of a community organizer for whom "fairness" trumps
contract law any day, it is now Detroit's turn to make a mockery of the
recovery waterfall. As it turns out, bankrupt Detroit is proposing
to favor pension funds at roughly double the rate of bondholders to
resolve an estimated $18 billion in long-term obligations, according to a draft of a debt-cutting plan reviewed by The Wall Street Journal.
The breakdown to unsecured stakeholders would be as follows: 40%
recovery for pension funds, 20% for unsecured bondholders - all this to
the same pari class of unsecured creditors. Because just like in Europe
when cashing out on CDS in insolvent nations is prohibited as it would
suggest that the entire Eurozone experiment is one epic farce,
regardless of how much "political capital" Goldman Sachs has invested in
it, so in the US municipal creditors are realizing that in the worst
case scenario, they will be layered first and foremost by all those
whose votes are critical in keeping this crony administration in power.
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