Only WallStreet Wins in Detroit Crisis Reaping 只有华尔街赢得底特律危机收获.docxVIP

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2017-05-09 发布于贵州
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Only WallStreet Wins in Detroit Crisis Reaping 只有华尔街赢得底特律危机收获.docx

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Only WallStreet Wins in Detroit Crisis Reaping 只有华尔街赢得底特律危机收获

Only Wall Street Wins in Detroit Crisis Reaping $474 Million Fee The city started borrowing to plug budget holes in 2005 under former Mayor Kwame Kilpatrick, who was convicted this week on corruption charges. That year, it issued $1.4 billion in securities to fund pension payments. Last year, it added $129.5 million in debt, 9.3 percent of its general-fund budget, in part to repay loans taken to service other bonds. The only winners in the financial crisis that brought HYPERLINK /detroit/ Detroit to the brink of state takeover are Wall Street bankers who reaped more than $474 million from a city too poor to keep street lights working. HYPERLINK /photo/only-wall-street-wins-in-detroit-crisis-reaping-474-million-fee-/302213.html \t _blank Only Wall Street Wins in Detroit Crisis Reaping $474 Million Fee The downtown skyline stands in Detroit, Michigan. The city has struggled to provide public services as a result of austerity brought by declining revenue. The downtown skyline stands in Detroit, Michigan. The city has struggled to provide public services as a result of austerity brought by declining revenue. Photographer: Jeff Kowalsky/Bloomberg HYPERLINK /photo/former-detroit-mayor-kwame-kilpatrick-/302215.html \t _blank Former Detroit Mayor Kwame Kilpatrick A file photo shows former Detroit Mayor Kwame Kilpatrick presenting his budget to the City Council in Detroit, Michigan during April 2006. A file photo shows former Detroit Mayor Kwame Kilpatrick presenting his budget to the City Council in Detroit, Michigan during April 2006. Photographer: Jeff Kowalsky/Bloomberg The city started borrowing to plug budget holes in 2005 under former Mayor Kwame Kilpatrick, who was convicted this week on corruption charges. That year, it issued $1.4 billion in securities to fund pension payments. Last year, it added $129.5 million in debt, 9.3 percent of its general-fund budget, in part to repay loans taken to service other bonds. Detroit, which is trying to avoid