Michigan’s Snyder Says Detroit’s Bondholders Part of Bankruptcy
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Governor Rick Snyder of Michigan said yesterday that the bondholders of the city of Detroit should expect to be “part of the process” of the largest municipal bankruptcy in U.S. history
“Realistically, if you step back, if you were lending to the city of Detroit in the last few years, didn’t you understand there were major issues and problems?” Snyder, a Republican, said on the CBS’s “Face the Nation” program. “Look at the yields they’re obtaining compared to other bonds. They were getting a premium.”