Quote Originally Posted by Detroit500 View Post
Fingers crossed.... And yes, the corporations knew exactly what they were doing. That being said, the days of "secured" Bondholders seem to be going away thanks to the corporations based in, and the city of Detroit.
It was a piss poor investment made by bankers. Anyone who lived in Metro Detroit could've said "You would be better setting your money on fire and peeing on it", but the ~brilliant minds~ of Wall Street thought they could profit. What upsets me the most is that rather than being forced to own up to a terrible decision, someone like Syncora will drag this through the courts as long as they can, and probably not end up taking that terrible of a hit.