Detroit Eyes Obamacare For Bankruptcy
Detroit Eyes Obamacare For Bankruptcy Detroit Eyes Obamacare For retirees too young to qualify for healthcare ObamaCare Bailout? Detroit reportedly eyes health care law to cut costs Detroit could be looking to ObamaCare for a bailout as city leaders try to cut back on retiree health costs as they enter bankruptcy proceedings. In short, they want to take those retirees too young to qualify for Medicare and send them into the ObamaCare insurance markets -- which are scheduled to launch next year. www.foxnews.com/politics/2013/07/29/obamacare-bailout-detroit-reportedly-eyes-health-care-law-to-cut-costs/ Don Pittis: Detroit pension meltdown a wake-up call for Canadians But there's more happening here than rational business decisions. In bankruptcy, when there just isn't enough money to go around, each of the creditors takes a share of the hit. This time they are expected to get between 10 and 20 cents for every dollar they are owed — and that includes the city's pensioners. www.cbc.ca/news/canada/story/2013/07/26/f-vp-pittis-detroit-pensions.html Why are the banks getting 75 cents on the dollar yet pensioners and other who are owed monies will only get 10 -- 38 cents on the dollar?? Detroit bankruptcy: Governor authorizes filing, declaring 'no viable alternative'. Snyder described the city's $18 billion in debt and unfunded liabilities as "unsustainable," saying that 38 cents of every dollar of city income is going toward debt repayment, legacy costs, and other obligations. Over the last few months, Orr negotiated with Detroit's creditors to try and reduce the city's debt, $5.7 billion of which is related to health-care costs for retirees. To date, he was only able to win commitments from two parties, Bank of America Corp. and UBS AG. Both banks agreed to accept 75 cents on the dollar, according to a report in the Detroit News. www.csmonitor.com/USA/2013/0718/Detroit-bankruptcy-Governor-authorizes-filing-declaring-no-viable-alternative-video?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+feeds%2Fcsm+%28Christian+Science+Monitor+|+All+Stories%29 If signed, Orr's deal with banks would reduce Detroit's swaps debt by 25%!! www.crainsdetroit.com/article/20130716/NEWS01/130719842/if-signed-orrs-deal-with-banks-would-reduce-detroits-swaps-debt-by-25 Detroit becomes largest US city to file for bankruptcy The governor's statement on Thursday said that 38 cents of every city dollar goes toward debt repayment, legacy costs and other obligations. That was expected to reach 65 cents per dollar by 2017. When Orr initially made his pitch to creditors, some were asked to take about 10 cents on the dollar of what the city owed them. Underfunded pension claims would have received less than the 10 cents on the dollar under that plan. www.nbcnews.com/business/detroit-preps-file-bankruptcy-soon-friday-paper-says-6C10678946 Follow Me, Click On These Links: www.youtube.com/user/kazvswild www.youtube.com/user/freedom4kaz2 www.youtube.com/user/ChemtrailSunsets www.freespeak.net/profile-67/
