Detroit's Debts, Derivatives, Swaps and Safe Harbors

[corktownyuppie]

2. Time value of money. Even with a default, it would take time for the swap counterparties to collect the money due. The best they could do is casino revenue, over time, after fighting in state and federal court for years. Money now is worth more than money [[possibly) later.

I like that. In bankruptcy, a bird in the hand is worth more than 2 that may or may not be in a bush down the road.

Wondering if you could switch out of professor role and pundit role.

Can you comment on the trustees' strategy to fight this every step of the way? Most retirees I talk aren't even being made aware that the funded liability is not at risk. [[Or if they are being made aware, they clearly have no idea about what is their worst case scenario, since many are still concerned about losing 80% of their pensions).