Mar 312013
The Blood of Cities: Public Finance, Debt, Accumulation

Good background article on municipal financing and derivatives When Bill Clinton was elected in 1993 US Treasury bond yields were trading around 5 percent. Within a year prices dipped and yields shot upward of 8 percent. The bond market —meaning a relatively elite coterie of highly paid investment managers working for the largest global banks, […]

 March 31, 2013  Posted by at 4:12 am Uncategorized Tagged with: ,  No Responses »
Mar 312013
Robbed by the Banks: Oakland’s Financial Losses from the LIBOR Rigging Conspiracy

Oakland’s leaders are currently investigating how the conspiracy of a few global financial companies to rig the London Inter-Bank Offered Rate affected the city’s finances. Sources in City Hall say that the theft may amount to more than $300,000. Oakland’s losses are due most likely to interest rate swaps the city agreed to with several […]

 March 31, 2013  Posted by at 2:25 am Uncategorized Tagged with: ,  No Responses »
Mar 302013

  By Joel Kurth and Darren A. Nichols, Detroit News, March 29, 2013 Detroit — Global law firm Jones Day could have a crucial — and perhaps lucrative — role in the fight to save Detroit from insolvency, prompting concerns about possible conflicts in the emotional debate about the city’s restructuring. Jones Day was retained […]

 March 30, 2013  Posted by at 8:29 pm Uncategorized Tagged with: , ,  No Responses »
Mar 302013
Banks cash in on EFM takeover

By T. Kelly The Michigan Citizen DETROIT — Cha-ching! is the sound of banks registering the new revenue coming their way the very moment Gov. Rick Snyder put Detroit under an emergency financial manager (EFM). “Who knows what the city has paid? The same stick-up men that went through the neighborhoods (with the foreclosure crisis) […]

Mar 302013
Federal Suit Filed to Halt Emergency Management In Michigan

Michigan Emergency Manager Law Challenged in Suit By Margaret Cronin Fisk and Chris Christoff – Mar 28, 2013 Michigan’s new emergency-manager law is unconstitutional because it allows unelected officials to rule by decree over municipal governments and school boards, according to a lawsuit seeking to overturn the statute. Union officials and school board and council […]

 March 30, 2013  Posted by at 4:53 am Uncategorized Tagged with: , ,  No Responses »
Mar 302013

Attached is a notice put out by WSU Education College faculty member Dr. Thomas Pedroni reporting that DPS Academic scores have dived under “emergency” management based on state data. The Free Press’s unwillingness to to publish this after initially fact checking and agreeing to putting it on line raises questions about whether serious shortcomings about […]

 March 30, 2013  Posted by at 4:14 am Uncategorized Tagged with: ,  No Responses »
Mar 302013 March 15 (Bloomberg) –- Rev. Charles Williams II, president of the Michigan Chapter of the National Action Network, talks with Bloomberg’s Chris Christoff about his opposition to Michigan Governor Rick Snyder’s decision to appoint an emergency manager in Detroit. The city, which is 82 percent black with a history of racial migration and strife, […]

 March 30, 2013  Posted by at 4:11 am Uncategorized Tagged with: , ,  No Responses »
Mar 302013 The International Swaps & Derivatives Association, a financial industry derivatives group, is being probed as part of a European Union antitrust investigation into how data on credit derivatives is shared. Regulators found “indications that ISDA may have been involved in a coordinated effort of investment banks to delay or prevent exchanges from entering the […]

 March 30, 2013  Posted by at 3:25 am Uncategorized Tagged with: ,  No Responses »
Mar 302013
LIBOR: Viewing the biggest financial crime in world history from California

The importance of uncovering the complete truth about the LIBOR rigging conspiracy cannot be overstated for local communities across the United States, especially here in California. It’s been five years since a few academics and journalists began to dig up evidence that something was wrong with the London Inter-Bank Offered Rate, or LIBOR (pronounced appropriately […]

 March 30, 2013  Posted by at 3:06 am Uncategorized Tagged with: , ,  No Responses »
Mar 302013

by Russ Bellant,, (313) 368-2148 Published in Critical Moment, March 8, 2011 New Report on Robert Bobb and Detroit Schools March 8, 2011 Read this revealing report on Detroit Public Schools Emergency Financial Manager Robert Bobb. The 28-page document from Detroit activist Russ Bellant comes not a moment too soon, as the Michigan legislature considers […]