Page 22 of 23 FirstFirst ... 1220212223 LastLast
Results 211 to 220 of 229

Thread: Detroit Files for Largest Municipal Bankruptcy in US History

  1. #211
    Sage

    Join Date
    Nov 2009
    Last Seen
    Yesterday @ 11:40 PM
    Gender
    Lean
    Slightly Liberal
    Posts
    8,351

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by rabbitcaebannog View Post
    Well, truth be told it was Wall Street that made out. Even the corrupted government official was charged although I think some are giving the public's power away when they hire these emergency managers who happen to have their own special ties to Wall Street. This incestuous relationship spells trouble. I do not think people should be held as collateral damage. Personally, I think Wall Street should clean up the mess but since they won't and we did clean up theirs its not right to take out retirees. I'm thinking a good start would be the financial transaction tax. Use that revenue to help cities across the US that have never fully recovered from the financial meltdown. That will never happen though. The financial banking industry is way too powerful.
    I do find posters like you good for a laugh. It seems that investors and the financial industry is just one big PIGGY bank for the folks who have run out of ways to keep the ponzi scheme of poor state governance going.

    I did take a look at one of your articles that I was wondering about. The one where it says Detroit paid $474 million in fees. Reading the article, most ($375 million) was a bet that Detroit made and lost. Last time I went to the casino, bet red and it came up black I did not call that a casino fee, rather a gambling loss.

    It has to be fun posting on a site like this where most people are not skilled in finance. Just hate it when people twist facts that their debate opponents do not understand, maybe that is why this site is so unsatisfying at times.

  2. #212
    Sage
    rabbitcaebannog's Avatar
    Join Date
    Jun 2013
    Location
    Massachusetts
    Last Seen
    12-09-17 @ 08:35 PM
    Gender
    Lean
    Other
    Posts
    10,918

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by greyhat View Post
    Explain just how "wall street made out" and is responsible for this mess?
    It's called inside trading on a massive scale. Traders and banks manipulated a key bank lending rate called LIBOR. Trial is going on now.

    The affect-

    "It distorts trust in the marketplace if you can't trust the rates at which banks are lending to one another," says Thomas Cooley of New York University's Stern School of Business. The Wall Street Journal's Franceso Guerrera notes that Libor manipulation meant "trillions of dollars of financial instruments were priced at the wrong rate--a fact that could do wonders for plaintiffs' lawyers while undermining investors' confidence in financial markets." Indeed, securities broker and investment bank Keefe, Bruyette & Woods estimates that the banks being investigated for Libor manipulation could end up paying an approximate $35 billion in legal settlements, separate from any payments to regulators.

    "Relative to the size of the sixteen banks at risk of lawsuits in the Libor scandal, $35 billion is chump change. But it will be another blow to the banks' ability to hold enough capital to satisfy higher regulatory requirements in the wake of the financial crisis," notes the Huffington Post's Mark Gongloff.
    Understanding the Libor Scandal - Council on Foreign Relations

    To stick with the topic on thread----how it affected Detroit- DETROIT EFM

    10 firms named as first Libor trial begins
    10 banks and brokers named as Libor trial begins - Jun. 20, 2013

    Anyone else wonder why this isn't making headline news. Too bad the corporate media doesn't cover this story like the Casey Anthony case?

  3. #213
    Sage
    rabbitcaebannog's Avatar
    Join Date
    Jun 2013
    Location
    Massachusetts
    Last Seen
    12-09-17 @ 08:35 PM
    Gender
    Lean
    Other
    Posts
    10,918

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by washunut View Post
    I do find posters like you good for a laugh. It seems that investors and the financial industry is just one big PIGGY bank for the folks who have run out of ways to keep the ponzi scheme of poor state governance going.
    Um, the banks are writing the laws as I type. The health of our financial institutions depends on OUR health for such things as student loans, pensions, city/town services, housing, etc, etc, etc......the list is endless. Our everyday life is tied to financial institutions.

    This is no small potatoes: Libor Lies Revealed in Rigging of $300 Trillion Benchmark
    Libor Lies Revealed in Rigging of $300 Trillion Benchmark - Bloomberg

  4. #214
    Banned
    Join Date
    Feb 2013
    Last Seen
    10-24-13 @ 02:52 PM
    Lean
    Undisclosed
    Posts
    913

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by LowDown View Post
    Yes, there's no question that the latter groups you mention will contribute nothing to the recovery, and that has to be consitered.
    I don't like to be overly partisan but it's downright scary that one party has become so fiscally ignorant that they openly advocate for driving away those who employee people and contribute billions in tax dollars for people who literally contribute nothing. It's pretty easy to see why a city like Detroit has failed so badly.

  5. #215
    Advisor greyhat's Avatar
    Join Date
    Jun 2013
    Last Seen
    08-31-13 @ 01:59 PM
    Lean
    Undisclosed
    Posts
    562

    Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by rabbitcaebannog View Post
    It's called inside trading on a massive scale. Traders and banks manipulated a key bank lending rate called LIBOR. Trial is going on now.

    The affect-

    "It distorts trust in the marketplace if you can't trust the rates at which banks are lending to one another," says Thomas Cooley of New York University's Stern School of Business. The Wall Street Journal's Franceso Guerrera notes that Libor manipulation meant "trillions of dollars of financial instruments were priced at the wrong rate--a fact that could do wonders for plaintiffs' lawyers while undermining investors' confidence in financial markets." Indeed, securities broker and investment bank Keefe, Bruyette & Woods estimates that the banks being investigated for Libor manipulation could end up paying an approximate $35 billion in legal settlements, separate from any payments to regulators.

    "Relative to the size of the sixteen banks at risk of lawsuits in the Libor scandal, $35 billion is chump change. But it will be another blow to the banks' ability to hold enough capital to satisfy higher regulatory requirements in the wake of the financial crisis," notes the Huffington Post's Mark Gongloff.
    Understanding the Libor Scandal - Council on Foreign Relations

    To stick with the topic on thread----how it affected Detroit- DETROIT EFM

    10 firms named as first Libor trial begins
    10 banks and brokers named as Libor trial begins - Jun. 20, 2013

    Anyone else wonder why this isn't making headline news. Too bad the corporate media doesn't cover this story like the Casey Anthony case?
    So Wall Street caused all of Detroit's fiscal problems?! Please.. Get real.

  6. #216
    Sage
    rabbitcaebannog's Avatar
    Join Date
    Jun 2013
    Location
    Massachusetts
    Last Seen
    12-09-17 @ 08:35 PM
    Gender
    Lean
    Other
    Posts
    10,918

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by Dapper Andy View Post
    I don't like to be overly partisan but it's downright scary that one party has become so fiscally ignorant that they openly advocate for driving away those who employee people and contribute billions in tax dollars for people who literally contribute nothing. It's pretty easy to see why a city like Detroit has failed so badly.
    The auto industry was what made the middle class in Detroit. They have lowered wages and benefits for the people who are new hires to half of what the middle class was making and so low wages will continue and be the new norm. It will no longer make a middle class but add to the rolls of the worker insecurity class. If people are okay with this so be it but you can't blame the demise of the middle class on poor people.

  7. #217
    Sage
    rabbitcaebannog's Avatar
    Join Date
    Jun 2013
    Location
    Massachusetts
    Last Seen
    12-09-17 @ 08:35 PM
    Gender
    Lean
    Other
    Posts
    10,918

    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by greyhat View Post
    So Wall Street caused all of Detroit's fiscal problems?! Please.. Get real.
    Oh, please site me where I said that. If you look at all my post I clearly said that there were many reasons for this decline but yes the financial instruments that were rigged have had a devastating affect on not just Detroit but many of the biggest cities in the US. We can all relax in the fact that some of the things that happened in Detroit may not at all be the same thing happening in our neck of the woods but with the rigging of the financial instruments, it will most definitely have a much wider effect.
    Last edited by rabbitcaebannog; 07-20-13 at 11:54 AM.

  8. #218
    Sage
    Lord Tammerlain's Avatar
    Join Date
    Jan 2010
    Last Seen
    Today @ 01:29 AM
    Lean
    Undisclosed
    Posts
    10,431

    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by gunner View Post
    What this does for me is show-more than anything else-the downside of the 'American dream' on a massive scale. That the issues for the ultimate demise of a once prosperous, thriving city are numerous and ubiquitous, does not make the news any less shocking. In saying that, population flight seems to be the biggest contributing factor: I wonder how they are going to tempt Americans back into the city?

    Paul
    If they spent money on demolition, and tore down, or sold to private investors some of the houses (empty) very cheap with the requirement of renovation, Detroit could cause people to return.

    Getting rid of the derelict buildings would have to be a priority. It has a good location, cheap land, good transportation links, just bad government, and high crime
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

  9. #219
    Sage
    Born Free's Avatar
    Join Date
    Sep 2011
    Location
    Sonny and Nice
    Last Seen
    Yesterday @ 01:53 PM
    Lean
    Conservative
    Posts
    6,396

    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by shrubnose View Post
    What are we loosing in Afghanistan?
    Blood and treasure for starters and second Obama's lost war making all the American lives and treasure we spent down the drain. Just like many of Obama's failed investments, now he has a lost war to add to his credit.
    Liberals - Punish the Successful, Reward the Unsuccessful
    Liberals - Tax, Borrow, Spend, and Give Free Stuff
    Obama's legacy - President Donald Trump

  10. #220
    Sage
    shrubnose's Avatar
    Join Date
    Jan 2013
    Location
    Europe
    Last Seen
    11-29-17 @ 03:46 AM
    Gender
    Lean
    Centrist
    Posts
    18,851
    Blog Entries
    2

    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Born Free View Post
    Blood and treasure for starters and second Obama's lost war making all the American lives and treasure we spent down the drain. Just like many of Obama's failed investments, now he has a lost war to add to his credit.



    You didn't answer the question, which wasn't directed to you in any case.




    "Better days are coming." ~ But not for today's out of touch, running out of time, GOP.

Page 22 of 23 FirstFirst ... 1220212223 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •