Sun, Aug 11, 2013 9:23 AM EDT 0:59
At first glance, it is hard to see Detroit's bankruptcy filing as anything but another body blow for downtrodden U.S. municipal bond insurers, which could be on the hook to investors for hundreds of millions of dollars in losses on the city's debt. But the city's fiscal upheaval may in fact have the opposite effect - providing the marketing spark needed to revive a business decimated by the financial crisis like few others. Detroit, which filed for bankruptcy last month and has long-term debts estimated over $18 billion, needs every penny it can get. Bloomberg News reports the routine payment from Detroit Public Schools was misplaced in a City Hall drawer for a month this past February. Hey Detroit, it's 2013. Ask about direct deposit......You're welcome.