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2 people who brokered a billion dollar deal have moved on to much richer lifestyles
6:41 PM, Feb 7, 2014
7:00 PM, Feb 7, 2014
DETROIT (WXYZ) - A tale of two fates. Detroit is in bankruptcy.
Two people who brokered a billion dollar deal to fund city pensions have moved on to a much richer lifestyle.
Sean Werdlow was Detroit Finance Director under then Mayor Kwame Kilpatrick. He also testified against his boss in the Kilpatrick corruption trial in December of 2012.
In 2005, Werdlow brokered a billion dollar loan for Detroit to make payments into two city employee pension funds. Months later, Werdlow jumped ship to work for one of the firms involved in the deal.
Last year, Werdlow bought a 1 1/2 million dollar mansion in Bloomfield Hills, with his new wife, who also worked for the firm.
Detroit is now suing Wall Street Banks involved in the deals.
A New York Public Relations firm released a statement on behalf of Werdlow that says "This municipal financial transaction plaintiffs' attorneys are now referring to as a "sham" in their most recent litigation, was necessary to avert a fiscal crisis in 2005, and at that time was fully and completely reviewed, vetted and approved by multiple experts and stakeholders."