Wednesday, November 20, 2013

Who's 'Profiting' from Detroit's Bankruptcy?

With Detroit's pending bankruptcy the debate over whether to deaccession the DIA's art collection is well known.

But other than the bankruptcy lawyers and restructuring experts, who else will profit from Detroit's bankruptcy? Marketwatch's Ben Eisen on how Christie's and Barclay's are just two other entities profiting from Detroit's bankruptcy.

Eisen's slideshow is certainly worth the read, but I'm not sure that 'profiting' is quite the right word to use in this situation as it denotes an intentional act. Let's face it, when there are problems and screw-ups, someone has to service and fix these problems. This is called providing services rather than profiting. Getting paid for one's time, knowledge, and application of those two factors is not necessarily synonymous with 'profiting.'

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