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Bad Real Estate Deals Return to Haunt Detroit's Pensions
Bloomberg Link to more items from this source
July 23, 2013
"A litany of such deals gone wrong shows how a municipal retirement system for 30,000 employees and retirees -- propped up by $1.4 billion in borrowed money -- became a cash cow for a select few. Now, these bad investments are coming back to haunt workers and pensioners as the city proposed slashing their benefits in its filing last week of the biggest municipal bankruptcy in U.S. history."

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