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Politics : Formerly About Advanced Micro Devices
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joseffy
To: Joe Btfsplk who wrote (767136)1/31/2014 2:32:28 PM
From: FJB1 Recommendation  Read Replies (7) of 1576584
 
Bankruptcy In The USSA: Detroit Bondholders About To Be GM'ed In Favor Of Pensioners

Submitted by Tyler Durden on 01/31/2014 - 14:24



First, the Obama administration showed that when it comes to most preferred voter classes in the eyes of the Obama administration, some unsecured creditors - namely labor unions, and the millions of votes they bring - are more equal than other unsecured creditors - namely bondholders, and the zero votes they bring. 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.
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