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Ponzi-Scheme Expert To Oversee Detroit Bankruptcy

Wehrwolfen

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by Tyler Durden
07/20/2013


It's good to see that as more of the US spirals into chaos, someone still has a sarcastic sense of humor.

For those who missed it, in the Kevyn Odd statement listing the primary reason for the bankruptcy of Detroit, this was the punchline: "Absent restructuring, the City is projecting cash flows of negative $198.5 million in the current 2014 fiscal year and negative $260.4 million in fiscal year 2015. This cash depletion would leave the City in a net cash position (after required property tax distributions) of negative $11.6 million as early as December 2013. The City also has experienced negative cash flow for years, and that trend is expected to continue and accelerate if not addressed.... For years, the City has spent more than it takes in and has borrowed and deferred paying certain obligations to make ends meet. The City is insolvent." In other words, a pure pyramid scheme whose final can kicking day has finally come. Which perhaps explains why the just appointed Judge to preside over the largest municipal bankruptcy in US history is none other than Judge Steven Rhodes, 64, who just happens to be the co-author of "The Ponzi Book: A Legal Resource for Unraveling Ponzi Schemes."

The book’s website quotes Irving Picard, the bankruptcy trustee for Bernard Madoff’s defunct investment firm, as calling it “one-stop shopping for the facts needed to understand the complex fall-out from a collapsed Ponzi scheme."

In other words, if there is anyone qualified to oversee the biggest Ponzi scheme collapse to date in US public sector history, it would be Judge Rhodes. We can only hope, however, that he leaves some time in his busy schedule over the next several years, for that other, biggest of all Ponzi schemes, the United States of America.


[Excerpt]

Read more:
Ponzi-Scheme Expert To Oversee Detroit Bankruptcy | Zero Hedge

Surely Quantitative Easing is high on the list of Ponzi schemes.
 
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