But it isn't the banks who will pay.
It's the citizens of Detroit and Michigan who will get the bill for these thieves.
Fears for the future after Detroit bankruptcy ruling | Al Jazeera America:
Detroit Fire Department retiree Del Williams, who takes five medications daily after heart bypass surgery, is scared that out-of-pocket health care costs will increase, straining an already austere budget. "I'm thinking about getting a side job, but who in this economy is going to hire a 58-year-old?'' he said.
Tony Gilbert, a former DFD captain who retired in 1998, lost his downtown condo to foreclosure late last year, shortly before Orr was appointed Detroit's emergency manager and the prospect of bankruptcy was broached. Health-related expenses for both him and his wife have wiped them out, he said.
"Now this," he said of the ruling. "I'm struggling."
Al Buford, a mail clerk who works in the Coleman A. Young Municipal Center, said the ruling was a foregone conclusion. "They already got it mapped out the way they're going to do this," he said, smiling wanly while loading boxes of interoffice mail into a car trunk. "I'm very concerned, but no use losing sleep, I guess."
Alvin Coleman, who works in the city's Water and Sewerage Department, said he doesn't know what's going to happen but believes he'll at least keep his job. "Maybe the city can get back on track now, but I don't know. Nobody knows how bad it's going to get before it starts to get better."
Amru Meah has his own future in mind, and he doesn't like what he sees. The cancer survivor and former buildings and safety engineering employee fears deep pension and health care cuts. "Costs are rising everywhere. How am I going to pay my bills?" he said. "How am I going to make my mortgage payments?"
Meah, 57, retired in 2009 after 32 years on the job. His wife does not work. "When I retired, I determined what my income would be. And now ... I don't know how I will survive," he said, shaking his head. "Maybe I'll file for bankruptcy too."
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