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Occupy Underground

dtom67

(634 posts)

3. The " derivitives" are usually the culprit...

Reply to limpyhobbler (Original post)

Fri Mar 15, 2013, 06:08 PM

Mar 2013

Municipal officials use some byzantine derivative bet ,that they do not really understand, to fund pensions. The Bet crashes and they city owes a shitload of money to wall street.
This allows the city to go bankrupt and void its Union contracts. It has finally been understood that the key to breaking unions is to bankrupt those they work for.

...Which is preferable; seeing the train coming and not being able to get off the tracks? Or being blissfully ignorant, right up til the end?

Sometimes I hate Thinking.......

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Only Wall Street Wins in Detroit Crisis Reaping $474 Million Fee [View all] limpyhobbler Mar 2013 OP

Debt and "austerity" work great! Europe is now open to 1% take-over and they're Fire Walk With Me Mar 2013 #1

Heads I win, tails you lose. 99th_Monkey Mar 2013 #2

The " derivitives" are usually the culprit... dtom67 Mar 2013 #3

"The key to breaking unions is to bankrupt those they work for." Fire Walk With Me Mar 2013 #4

absolutely... dtom67 Mar 2013 #6

This was just posted in GD in a thread. Although Ed is too naive to imagine that this is a Fire Walk With Me Mar 2013 #5

Breaking: LIBOR Rigging & Complex Derivatives By UBS Contributed To Detroit’s Demise Fire Walk With Me Mar 2013 #7