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Sunday, July 21, 2013

Detroit Debt

Not surprisingly, the Detroit Free Press has a story about the bankruptcy. The last paragraph of the story lists the city’s largest creditors:
  • General Retirement System of the City of Detroit            $2.037 billion
  • Police and Fire Retirement System of the City of Detroit    $1.437 billion
  • U.S. Bank N.A. as a trustee for pension certificate holders   $801 million
  • U.S. Bank as a trustee for other pension certificates         $516 million
  • U.S. Bank as trustee for other pension liabilities            $153 million
  • U.S. Bank as a bond registrar and transfer agent              $100 million
  • U.S. Bank as bond registrar and transfer agent             $73.5 billion
It wasn't until I reformatted it that I realized that the last item makes all the others pale into insignificance, though I'm not sure just what being the "bond registrar and transfer agent" implies.

Via Michigan Mike.

1 comment:

CGHill said...

You have to have an agent with access to markets to sell municipal bonds, and Detroit's was U. S. Bank. And I'm willing to bet that it was supposed to be $73 million, or they'd have put it first.