In The News Today

View the original post at jsmineset.com... March 11, 2010 10:39 AM Jim Sinclair’s Commentary I wonder if the Fed has figured out that they could buy state debt and camouflage a bailout via QE. They bought trillions of OTC derivatives from Wall Street. Detroit Sells $250 Million of Its Debt Without Recent Disclosure Filings March 11 (Bloomberg) — Detroit, the largest U.S. city whose debt is rated below investment grade, will ask investors today to buy $250 million of its debt without having filed annual financial reports on time for five years. The city, which warned investors in its preliminary official statement of the possibility of filing for Chapter 9 bankruptcy protection, is providing a June 30, 2008, financial statement, its most recent, to investors. A fiscal 2009 report is expected to be complete by May 31, said city spokesman Dan Lijana, in an e-mail ?This issue is not for the faint of heart,? said Richard Ciccarone, chief research officer of Oak Brook, Ill...