Get this, the city of Detroit is trying to sell some bonds. I know, who isn’t. But here’s the kicker.

The city, which warned investors in its preliminary official statement of the possibility of filing for Chapter 9 bankruptcy protection, provided a June 30, 2008, financial statement, its most recent, to investors. A fiscal 2009 report is expected to be complete by May 31, said city spokesman

Because as we all know, nothing big has happened in the Detroit area in the past couple of years, right?

You’ve got to have your head on backwards to participate in this. I mean, this is madness. The city’s on the brink of bankruptcy and people are buying the bonds with no financials. Risk management anyone? I guess no one’s learned anything from the past couple of years.