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Only Wall Street Wins in Detroit Crisis Reaping $474 Million Fee

Detroit - Bloomberg

The only winners in the financial crisis that brought 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.


How a Plan to Help Stockton, Calif., Pay Pensions Backfired

Stockton Police

Jeffrey A. Michael, a finance professor in Stockton, Calif., took a hard look at his city’s bankruptcy this summer and thought he saw a smoking gun: a dubious bond deal that bankers had pushed on Stockton just as the local economy was starting to tank in the spring of 2007, he said.


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