Monday, March 17, 2014

Let The Right Munis In


"The bond insurers and other Wall Streeters on the creditors' committee seem to have scant sympathy for the employees, or anybody else in Detroit. Back in June, some 30 of them agreed to take a bus tour with Orr of the city's mean streets. That was until they were asked to sign routine waivers absolving the city of any liability should the visitors suffer any bodily harm during the tour. The trip was canceled when the Wall Streeters backed out en masse."
Pretty amazing that they lent money to a place they are afraid to go to in person.


AllanF said...

I'm not surprised. That's how fund managers roll.

Other People's Money, Other People's ASSEtS


Anonymous said...


eah said...


Not really. They probably figured a municipality would not be allowed to default. Bad precedent. If so, it remains to be seen whether, in the end, they will have been right about Detroit.

And they show good sense by not wanting to go there.