I refuse to let Detroit go bankrupt!

[patches70]

yeah, pretty much.

[patches70]

In a very recent event, which highlights exactly the true nature of Detroit's (and the rest of our problems) woes, we need only look at who was just appointed to preside over the largest municipal bankruptcy in US history.
Judge Steven Rhodes.

Kevyn Orr in his statement to the court in the bankruptcy revealed this-

For years, the City has spent more than it takes in and has borrowed and deferred paying certain obligations to make ends meet. The City is insolvent.

Now, this goes without saying, obviously, but it also can be described as something else. A Ponzi Scheme. Which is what it is really.

Which brings us back to Judge Steven Rhodes. co authored a book called- "The Ponzi Book: A legal resource for unraveling ponzi schemes".
http://www.theponzibook.com/

Judge Steven Rhodes is an expert on Ponzi schemes and fixing the fallout when they inevitably collapse.

Which brings us back again to the real problem, which has nothing at all to do with liberal and conservatives, republican and democrats. It goes straight to the very heart of our currency system. What is happening to Detroit will happen everywhere eventually.

[patches70]

And then in the Detroit pension fund news, the petitioners argue that the Detroit pension plans are so small of a debt compared to Detroit's overall debt, that they should be spared from getting shafted in the bankruptcy process.

http://dealbook.nytimes.com/2013/07/19/ ... sion-math/

What prompted the attempt of the pension funds to try and block Detroit's bankruptcy filing apparently came from the revelations of a very recent audit of the pension accounts.

All the way up until mid June, the single ray of hope in Detroit's problems was that the pension funds were in good shape. That if Detroit went under all the retirees would still be in good shape, regardless.

However, after a firm hired to audit the pension funds delivered their report but a very short while ago, it turned out there was a $3.5 billion hole in the pension funds that no one knew about. LMFAO.
That was when the petitioners realized that if the city went under they would have a hell of a lot more competition to scavenge what was left of the corpse known as Detroit. Thus, the attempt to block the bankruptcy. Which came just a few minutes too late.

The link to the article goes into some things that I don't understand completely. Apparently there is some sort of calculation error that led to the $3.5 billion of missing money.

I think what I can say is that the Detroit pension petitioners just got Corzined.*


*Corzined-When something of value is stolen, and everyone who was in charge of safeguarding the valuable claims ignorance of just about anything. People in charge who confronted with questions about the valuable items usually answer, "I just dont know where it is" or claim that the valuables were "vaporized" when it was their job to know.

This comes from the MF Global scandal, and their CEO Jon Corzine, who stole 1.6 billion dollars of client money testified that he didn't know where the money was or where it went. Several other financial officers of the firm also claim total ignorance of everything and claim the money was "vaporized".

Apparently claiming total ignorance of everything also clears you of all criminal charges as well.
Dude 1 - I trusted Mike to watch my cooler of beer last night when I took my girlfriend home. When I came back, all my beer was gone.

Dude 2 - I didn't see him anywhere near it man, he was talking to some whores when you were gone.

Dude 1 - oh shit, I just got corzined! I can't even confront him about it because he'll probably kick my ass.

Dude 2 - looks like you learned a painful lesson. Don't trust Mike with your beer.

[Phatscotty]

[Gillipig]

More Bankrupt cities to come..What is America's debt now??

$16 trillion

$55 trillion if you include unfunded liabilities (which you know should be included in one's debt). Surprise surprise, the government lies!


The alternative debt estimates are interesting ($87 and $222 trillion).


http://mercatus.org:8080/publication/us ... erspective

I somehow sense that this is all your fault. BBS, wtf have you done???

[AndyDufresne]

They are rebooting RoboCop with a 2014 film. The best part? Filmed in Toronto of course! Suck it, Detroit!


--Andy