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Tuesday, September 3, 2013

Stray dogs victims of Detroit bankruptcy


GREED AT A GLANCE
Hedge fund kingpins, press reports indicate, are now “quietly
circling Detroit, exploring ways to profit” from the city's July
18 bankruptcy filing. Their strategy: buy up the distressed
city's bonds at next to nothing, then make a killing when the
unelected Detroit emergency manager settles generously with
bondholders.
Already profiting from Detroit’s bankruptcy: a host of high-fee
accounting and legal firms. Ernst & Young, the Detroit
News notes, is collecting $6.6 million just to analyze the city’s
cash flow.
Meanwhile, add another set of victims to Detroit's ongoing
tragedy. Budget cuts have left some 50,000 stray dogs
roaming city streets. The Humane Society of the United States
is calling the situation “almost post-apocalyptic.” Adds the
Society’s Amanda Arrington: “The suffering of animals goes
hand in hand with the suffering of people.”

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