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Americans for prosperity back at it

Well I disagree on both counts. If the union pensioners aren't going to go along with the settlement and the bankruptcy trustee says "what if we kick in an extra $175mm from the taxpayers just for you union pensioners so you get >95 cents on the dollar while everyone else gets WAY WAY less?" And then the union pensioners say "OK", they're clearly being bought off. If you don't like it because the legally prescribed bankruptcy procedure is being tampered with or because it makes them sound like leaches or whatever, that doesn't make it incorrect to say they're being bought off. And if AFP makes some phone calls and sends out some mailers to inform the taxpayers of what's being done with their money so they can make an informed decision about it, good for them.

As for the term bail out take the case of AIG - we were told that if AIG weren't bailed out that all kinds of banks, insurance companies and even countries that held those credit default swaps would suffer huge losses perhaps even go bankrupt, companies would shut down and tens of thousands of people would have lost their jobs as a direct result and hundreds of thousands more through the fallout as those bankruptcies set off a chain reaction. So even though they were creditors, they were also being bailed out.

the union pensioners differ from general creditors because they were never in position to protect their interest here. shame on greedy bankers who lent Detroit money to hand out to RE developers/casinos... they were in a position to do due diligence and weigh the risk, and should take a haircut like any other creditors who lend money imprudently.

Why is that so hard to understand?
 
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Chase's recent $100 million gift to Detroit is apparently a bit of a trojan horse, or could be. here's another link.

this article parses it out a bit. $100 million spread over 5 years, is a drop in the bucket for Chase.

Why it's a trojan horse is this:
The Global Cities Initiative is a joint project of the Brookings Institution and JPMorgan Chase. The project ?aims to help leaders in U.S. metropolitan areas reorient their economies toward greater engagement in world markets,? according to the website boilerplate. Basically, JPMorgan Chase gave Brookings $10 million to provide ?objective? recommendations to cities on how they can expand their economies and create jobs. Inevitably, these recommendations include plans for increased foreign investment in cities, global trade links and public-private partnerships.​
Chase stands to make a lot more than that by privatising as much of Detroit as they can get their hands on. And that would be a disaster for the city & its residents, just like it is everywhere else its been done. I wonder if the $5.5 million tagged for the Global Cities Initiative is paid upfront and not diluted over 5 years like the rest of the gift? Hitting Detroit with a full court press to bundle its assets over in deals to private investors right after it emerges from bankruptcy is a pretty sneaky thing to do. deals which Chase will naturally broker and collect a hell of a lot more than $20 million/year.
 
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the union pensioners differ from general creditors because they were never in position to protect their interest here. shame on greedy bankers who lent Detroit money to hand out to RE developers/casinos... they were in a position to do due diligence and weigh the risk, and should take a haircut like any other creditors who lend money imprudently.

Why is that so hard to understand?

This isn't about one class of creditor vs another - it's about the misuse of Michigan taxpayer money. Why is that so hard to understand?

But I will say it's beyond stupid that you are blaming bankers for the misuse of funds by the City. As for the pensioners, anyone caught by surprise by Detroit's bankruptcy is either in denial or a liar - Detroit has literally been on the verge of bankruptcy for decades. They had multiple contract negotiations as well as elections to do something about it but they continued to bilk the system for all they could and elect and re-elect corrupt scumbag politicians. Next you'll be blaming those "mostly republican real estate developers" (like in the Chicago thread) for swindling well meaning democrats like the honorable Coleman A Young and Kwame Kilpatrick out of all that City money - it's those evil, evil republicans! Too funny.

Oh, and let's not forget if those evil, shameful bankers and investors told Detroit to go pound sand after doing their due diligence, you'd be blaming them for sending the City into bankrupcty and starving its children years and years ago when if not for their cold, black hearts they could have issued those bonds and saved the City and its good people. You'd be saying things like "Imagine the prosperity if only..."
 
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This isn't about one class of creditor vs another - it's about the misuse of Michigan taxpayer money. Why is that so hard to understand?

But I will say it's beyond stupid that you are blaming bankers for the misuse of funds by the City. As for the pensioners, anyone caught by surprise by Detroit's bankruptcy is either in denial or a liar - Detroit has literally been on the verge of bankruptcy for decades. They had multiple contract negotiations as well as elections to do something about it but they continued to bilk the system for all they could and elect and re-elect corrupt scumbag politicians. Next you'll be blaming those "mostly republican real estate developers" (like in the Chicago thread) for swindling well meaning democrats like the honorable Coleman A Young and Kwame Kilpatrick out of all that City money - it's those evil, evil republicans! Too funny.

Oh, and let's not forget if those evil, shameful bankers and investors told Detroit to go pound sand after doing their due diligence, you'd be blaming them for sending the City into bankrupcty and starving its children years and years ago when if not for their cold, black hearts they could have issued those bonds and saved the City and its good people. You'd be saying things like "Imagine the prosperity if only..."


OH, LOOK KAWDUP! this man wrote lots of words in response to my post. lots of words. he is holding his own . You shoudl send him a message and say "you are holding your own mr. man, against the liberals, and I like you very much!!!"

images
 
OH, LOOK KAWDUP! this man wrote lots of words in response to my post. lots of words. he is holding his own . You shoudl send him a message and say "you are holding your own mr. man, against the liberals, and I like you very much!!!"

images

Deflection - michchump at his best...
 
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