The banksters are going to be first in line to pick over the bones of the City of Detroit.
Individual investors who paid out hard cash for city bond, and pensioners, who spent their working lives trying to make Detroit a good place to live, will be at the bottom of the heap. The Emergency Overlord of Detroit, Kevyn Orr, is allegedly going to make sure that his Wall Street buddies are taken care of. For why else would he put forth a plan that fucks over everyone who had their lives and their cash wrapped up on Detroit and reward the banksters whose sole function was charging rapacious fees for their work?
The fingerprints of the Koch Brothers lackey state governor, Rick Snyder, are all over this little tongue-bath for the banksters.
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So just how generous are those Detroit pensions? Well: $30,000/year on average. Slightly better than Social Security, but if you chop those pensions in half as is being proposed, there's a lot of people who are going to be eating cat food, since they don't get Social Security.
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