European Banks Brace for Losses on Detroit… Apparently Goldman Sachs Is Doing Nothing But Making $$$ in Detroit

European Banks Brace for Losses on Detroit
Continent’s Lenders May Hold $1 Billion in City’s Debt
http://online.wsj.com/article/SB10001424127887323993804578615743557178704.html?utm_source=buffer&utm_campaign=Buffer&utm_content=bufferc4377&utm_medium=twitter
Detroit Mayor Warns “We May Be One Of The First… But We Absolutely Won’t Be The Last”
Amid the furore of Sunday morning political programming, Detroit Mayor Bing and Michigan Governor Snyder have been quite vocal. Bing made it clear that “a lot of negotiations will go into fixing our city,” and when asked whether he will seek a Federal bailout, he responded, “not yet.” The decisions following this huge bankruptcy are likely to be precedent-setting as Bing noted that more than 100 urban US cities “are having the same  problems we’re having.” As the WSJ reports, Bing warned, “We may be one of the first. We are the largest. But we absolutely will not be the last. And so we have got to set a benchmark in terms how to fix our cities.” Snyder was a little more hopeful that salvation will come from above as he stated that while “I don’t view that as the right answer… if the federal government wants to [bail us out], that’s their option.”

http://www.zerohedge.com/news/2013-07-21/detroit-mayor-warns-we-may-be-one-first-we-absolutely-wont-be-last
Apparently Goldman Sachs is doing nothing but making $$$ in Detroit
“Hundreds of millions of times a day, thirsty Americans open a can of soda, beer or juice. And every time they do it, they pay a fraction of a penny more because of a shrewd maneuver by Goldman Sachs and other financial players that ultimately costs consumers billions of dollars.
The story of how this works begins in 27 industrial warehouses in the Detroit area where a Goldman subsidiary stores customers’ aluminum. Each day, a fleet of trucks shuffles 1,500-pound bars of the metal among the warehouses. Two or three times a day, sometimes more, the drivers make the same circuits. They load in one warehouse. They unload in another. And then they do it again.”
http://www.nytimes.com/2013/07/21/business/a-shuffle-of-aluminum-but-to-banks-pure-gold.html?hp&_r=1&