Julia Versau wrote: Banks, however, have already extracted huge - TopicsExpress



          

Julia Versau wrote: Banks, however, have already extracted huge profits from Detroit’s infrastructure. The water department is believed to have paid banks penalties of $537 million to escape its disastrous interest-rate default swaps. Instead of simply selling plain-vanilla bonds — paying bond holders a set amount on a set schedule — Detroit (like many municipal governments) became entangled in various complicated financial derivatives layered on top of its bonds.
Posted on: Sat, 16 Aug 2014 21:32:07 +0000

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