Detroit swaps spark fight between dealers and insurers
Detroit and its dealers have an agreement that could allow the city to exit its swaps at just 75% of fair value, but bond insurers want to see the deal killed off in court. Joe Rennison reports
Less than a mile on foot from the waterfront office of Detroit’s emergency manager, Kevyn Orr, is the art deco MGM Grand, one of three casinos that are key to the city’s future. The vast sums of money flowing through its games tables and 4,000 slot machines are just a 20-minute walk away from the man tasked with leading Detroit out of bankruptcy, but there is an impenetrable legal barrier in the way – in 2009, the city pledged the casinos’ tax revenues as collateral on a number of interest rate
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