U.S. Bankruptcy Court, In re: City of Detroit, Debtor Objection to “Plan of Adjustment”
Testimony by Kristen A. Hamel, Detroit resident and homeowner
July 15, 2014
In recent weeks, Detroiters have been experiencing the inhuman austerity agenda of Gov. Rick Snyder and Emergency Dictator Kevyn Orr. Thousands of families have had their water cut off, and tens of thousands more face imminent shutoffs if a mere $150 is owed.
The situation is so outrageous that a United Nations commission has condemned Detroit’s water shutoffs as a violation of international human rights. Freedom Friday marches starting at the water department building have been going on for weeks because no one should have to face forced deprivation of water, the most basic necessity of life and health.
The Detroit Free Press reported Orr’s office calling the water shutoffs “a necessary part of Detroit’s restructuring.” The real agenda is to make the water department more attractive for privatization to union busters like Veolia Corp., known worldwide for its crimes against humanity, especially against the Palestinian people.
While the poorest Detroiters have their water cut off for owing $150, JPMorgan Chase, UBS, Loop Financial and Morgan Stanley were paid $537 million in termination fees on interest rate swaps out of $1 billion in bonds issued from 2010 to 2013, bonds that were earmarked to fund repairs of the water infrastructure system, not line the pockets of these four banks.
Orr, while cutting off water to the poor and raising water rates, has not taken one step to recover this $537 million giveaway to the banks. Orr and Buckfire were also ready to hand over hundreds of millions to Bank of America and UBS on the interest rate swaps associated with the pension obligation certificates. Because of community outcry against these swindles, they were forced by this court on two occasions to go back to the negotiating table.
As you have stated on prior occasions, Judge Rhodes, the buck stops with you in these bankruptcy proceedings. Continue reading »