A proposal from Detroit's emergency manager to treat general-obligation bondholders as unsecured creditors during the city's bankruptcy proceedings is worrying the Municipal Securities Rulemaking Board. "You have a long history of ... what everyone thought a GO bond was or what it meant to have a GO bond," said MSRB Chairman Jay Goldstone. "That whole landscape could change." Read the letter SIFMA submitted to Michigan's governor regarding the treatment of general-obligation bonds.

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