DETROIT DWSD DEBT SHOWS WALL STREET NEVER LOSES ON BAD SWAPS

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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 4. The Swiss-based UBS is one of six banks being sued by Britain, the city of Baltimore, and other municipalities across the U.S. in the LIBOR interest-rate fixing scandal.

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