In a recent interview, a former Goldman Sachs investment banker said Detroit's financial crisis has been partially manufactured by financial institutions, and by their governmental and legal cohorts.

The interview aired Saturday, December 7, 2013, on WNUR-FM's "This Is Hell." Host Chuck Mertz interviewed lawyer Wallace Turbeville.

Turbeville described how Detroit's debt is overstated, why pensions aren’t the budget problem that many believe, and how the city’s emergency manager has, himself, created new emergencies.

The raiding of Detroit's assets and of municipal employees' pensions provides a template for what could happen in other U.S. cities.

Audio: Interview with Wallace Turbeville