Apr 302013
 
Privatizing Detroit: Residents Evicted and Displaced by Corporate Interests

By Abayomi Azikiwe, Pan-African News Wire, Global Research, April 30, 2013 A new push is being made by corporations and banks in Detroit to drive even more working class, poor and nationally oppressed people out of the city. This fact is being illustrated by recent developments in the downtown area and its environs where low-income […]

 April 30, 2013  Posted by at 8:10 pm Uncategorized Tagged with: ,  No Responses »
Apr 302013
 

by Liam Vaughan, Bloomberg News, Apr 15, 2013 Banks are leaving the panel that sets ISDAFix, the benchmark for the $379 trillion swaps market, as regulators probe suspected manipulation of the rate. HSBC Holdings Plc (HSBA), Europe’s largest bank by assets, and Japan’s Mizuho Financial Group (8411) stopped contributing to the ISDAFix dollar rate between […]

 April 30, 2013  Posted by at 3:40 am Uncategorized Tagged with: , ,  No Responses »
Apr 292013
 
Firefighters Under Attack

FLINT FIREFIGHTERS JUST CAN’T CATCH A BREAK One could say the name Flint, Michigan is apt when it comes to sparking fires — real and political. The city has suffered a rash of troubling arsons over the past few years, some of which have been partially resolved with the arrest and plea deal of a gang […]

 April 29, 2013  Posted by at 3:13 am Uncategorized Tagged with: ,  No Responses »
Apr 172013
 

By Liam Vaughan, Bloomberg News,Apr.15, 2013 Banks are leaving the panel that sets ISDAFix, the benchmark for the $379 trillion swaps market, as regulators probe suspected manipulation of the rate. HSBC Holdings Plc (HSBA), Europe’s largest bank by assets, and Japan’s Mizuho Financial Group (8411) stopped contributing to the ISDAFix dollar rate between November and […]

 April 17, 2013  Posted by at 11:14 pm Uncategorized Tagged with: , ,  No Responses »
Apr 152013
 
Detroit DWSD Debt Shows Wall Street Never Loses On Bad Swaps

Posted on Voice of Detroit 09/27/2012 by Diane Bukowski JPMorgan Chase & Co. (JPM), the third-largest muni-bond underwriter, stood to gain more than just its share of $7.8 million in fees by helping Detroit’s water and sewer (87962MF) unit issue new debt after the city staved off insolvency. – See more at: Voice of Detroit

Apr 152013
 

June 26 (Reuters) – For decades, bankruptcies have been rare events in the $3.7 trillion municipal bond market, but experts say there now might be at least a small uptick as many counties, cities and towns are struggling to recover from the economic recession while coping with stubbornly rising costs. There have been only six […]

 April 15, 2013  Posted by at 3:12 am Uncategorized Tagged with:  No Responses »
Apr 132013
 
Wall Street’s Tax on Main Street

Bt Gtetchen Morgenson, New York Times, Aug. 6, 2011 AMID all the talk of debt and default in Washington last week, tiny Central Falls, R.I., went bankrupt. Like many states and cities in these hard economic times, Central Falls — population: 19,000 — was caught short by hefty pension obligations and weak tax revenue. It […]

Apr 132013
 

By Sari Roth, March 13, 2013, MSNBC   There’s a fierce fight waging in Detroit over a planned state takeover to help the city dig out from a staggering $14-billion debt. The city council pleaded with the state on Tuesday to reconsider Gov. Rick Snyder’s plan to appoint an emergency manager who would essentially take […]

 April 13, 2013  Posted by at 5:02 pm Uncategorized Tagged with: , , ,  No Responses »
Apr 132013
 
How Deadbeat Banks Pushed Detroit To The Brink

By David Dayen, March 11, 2013, The National Memo March 11th, 2013 5:13 pm David Dayen This week, Michigan will attempt to finalize the assignment of an emergency financial manager for the troubled city of Detroit, essentially taking fiscal control from the duly elected city government. The new manager will have authority over a wide […]

 April 13, 2013  Posted by at 4:54 pm Uncategorized Tagged with: ,  No Responses »
Apr 112013
 

How Banks Could Return the Favor By GRETCHEN MORGENSON, June 9, 2012, New York Times LIKE millions of homeowners, shrewd state and local governments are looking to refinance. Interest rates have hit rock bottom. So why not save some public money by replacing old debts with new ones at lower rates? The bad news for […]

 April 11, 2013  Posted by at 7:40 pm Uncategorized Tagged with: ,  No Responses »