In the settlement with banks (UBS and Bank of America) preceding the declaration of bankruptcy in Detroit, the banks agreed to a discount of as much as 25% on what they are owed.
The banks take a hit of 25%. Keep in mind that the banks played a hand in getting Detroit to where it is today.
The Michigan government proposed to cut workers’ pensions by 90%. Many municipal retirees do not receive Social Security.
So much for shared sacrifice.
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