February 8, 2014
Bank of America and City Official Fraud Enters the Detroit Bankruptcy Equation; Fair Settlement Reviewed Again
Before answering, let’s take a look at the charges as presented in Democracy Watch: Swaps, COPs & Lingering Questions . In 2005, the city of Detroit faced a monumental dilemma: It desperately needed to borrow more than $1.4 billion to help shore up its two pension systems, but doing so would far exceed the legal limit on the amount of debt it could amass
