During an orgy of Wall Street predatory lending before the big bust in 2008, Detroit also borrowed $1.5 BILLION in pension obligation certficates from UBS and Siebert, Brandford and Shank. It has several times defaulted on the debt, and ended up having to commit to another $1 billion to UBS to stave off complete economic collapse, according to a report from the Detroit Financial Review Team appointed by Michigan Governor Rick Snyder under Public Act 5.