Henderson & Kaffer: Detroit City Council shot down deal that would have saved millions | Detroit Free Press | freep.com:"That’s why the deal to settle a disastrous Detroit credit swap from 2005 was necessary — a $350-million loan from Barclays would have paid off the swaps, given the city access to capital for operational improvements (new computer systems, for example), all at a much lower interest rate, 3.5% compared with the 6.3% Detroit is now paying.
Settling the swaps would also free up $11 million a month in casino revenues that are tied up paying the debt.
The Detroit City Council voted down the deal and says it’s considering an alternate proposal from an unnamed bank."
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