Occupy Underground

http://www.mfi-miami.com/2013/03/libor-rigging-complex-derivitives-by-ubs-contributed-to-detroits-demise/

As the downtrodden African-Americans and whites who make up what’s left of the City of Detroit’s 700,000 resident are about to have their fundamental human rights taken away by the state of Michigan in the coming weeks, new information is coming out as to who and what is responsible for the Detroit’s financial problems.

As anyone with a brain can tell you, for nearly 40 years, Detroit residents have been getting the shaft in Detroit’s slide from thriving metropolis into a dystopian wasteland that once only existed in the imagination of some Hollywood Science Fiction screenwriter. As the body count of victims is being assessed by finance experts and Michigan Governor Rick Snyder’s office, it is becoming clear there were actually some major winners in Detroit’s demise and no, former Mayor Kwame Kilpatrick hasn’t been mentioned yet. Even if he is, it appears there were bigger winners than members of the Kilpatrick family.

It appears that UBS, Bank of America and JPMorgan Chase enabled about $3.7 Billion of bond issues to cover deficits, pension shortfalls since 2005 and with interest these liabilities rose to $15 billion including money owed to retires and the city employees pension fund.

These bond sales cost Detroit $474 million for underwriting expenses, bond insurance and the handling of interest rate swaps. This total cost is equal to the Detroit’s budget for police and fire protection for that same period.

(More at the link. Thank you for thinking, no matter how much it hurts and isolates.)