Loot The Old, Pay The Hedge Fund

Skyline along the Detroit International Riverfront
Skyline along the Detroit International Riverfront (Photo credit: Wikipedia)

From New York Magazine: in approving the city’s bankruptcy plan today, Judge Steven W. Rhodes surprised everyone by ruling that Detroit’s pensioners, who are owed about $3.5 billion in unfunded liabilities, could see their pensions cut in the bankruptcy process.


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