![]() ![]() These are the people who are likely to lose out. These debts come in the form of promised pension checks and health care benefits, all backed by a false, unsecured promise. Of the remaining $11 billion or so in unsecured debt, about $9 billion is owed to retirees and current municipal workers, people like firefighters and police officers. That means creditors - big banks - will get paid. Published in 1958, Robert Franks photographic manifesto, 'The Americans,' torched the national myth, bringing him such comrades as Jack Kerouac, Allen Ginsberg, and-for a controversial. Of Detroit’s debt of at least $18 billion, about $7 billion is secured by collateral like casino revenues and utility taxes. (It is expected to be even larger this year.) That’s the size of six Detroit bankruptcies - give or take a few hundred million. In 2011, Moody’s calculated the unfunded liabilities for Illinois’ three largest state-run pension plans to be $133 billion. What does this mean? Pay close attention because it may be coming to you soon, Los Angeles, Baltimore, Chicago, Philadelphia. He looted the city of millions of dollars and stole the future of thousands of children. Kilpatrick, waits for a bed in federal prison, convicted of extortion, racketeering and bribery. Then there is our spectacular civic corruption: A former mayor, Kwame M. Charlie LeDuff is a Pulitzer Prize winning journalist who has worked for the New York Times, Detroit News and Fox 2. ![]()
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