In 2013, a single legal memo from Treasury quietly redefined what counted as a 'municipal bond' — instantly making it nearly impossible for Detroit to restructure its debt outside of bankruptcy. How one regulatory interpretation, crafted in response to lobbying from Wall Street creditors, sealed the fate of America's largest municipal bankruptcy and set the template for how distressed cities would be treated going forward. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com

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