Jun 302013
Derivatives are a Tool for Deceit and Deception

Excerpts: Derivatives are not always “financial weapons of mass destruction,” as Warren Buffett famously called them. But they are often weapons of mass deception. “The funny part of the story,” Mr. Quirk wrote in the July issue of Chronicles Magazine, “is that the cities keep paying [interest rate swaps] despite the fact they have a […]

 June 30, 2013  Posted by at 10:18 pm Uncategorized Tagged with: , ,  No Responses »
Jun 302013
Mass march commemorates ‘Great Walk to Freedom’

By Abayomi Azikiwe, Workers.org, June 28, 2013 June 22 represented a highpoint in Detroit when tens of thousands of people gathered on Woodward Avenue in midtown and marched downtown to Hart Plaza. The demonstration marked the 50th anniversary of the “Great Walk to Freedom” on June 23, 1963, when hundreds of thousands made a profound […]

Jun 292013

By David McLaughlin, Bloomberg News, Jun 27, 2013 Bank of America Corp. and Wells Fargo & Co. (WFC) won’t face an enforcement action by state and federal officials over claims the banks violated a $25 billion mortgage-servicing settlement.

 June 29, 2013  Posted by at 3:03 am Uncategorized Tagged with: ,  No Responses »
Jun 252013
Detroit's broke? Tax money to fund new Red Wings arena!

June 23, 2013 8:00 AM, Crain’s Detroit Public cost of arena tied to biz taxpayers $650M Wings complex plan linked to taxes from GM, others By Bill Shea General Motors Co. and other downtown corporations will be the chief funders via their property taxes of the public portion of the $650 million Detroit Red Wings […]

 June 25, 2013  Posted by at 4:04 am Uncategorized Tagged with: , ,  No Responses »
Jun 252013
What’s Wrong With This Picture?

June 21, 2013 By Curt Guyette Predictably, most of the area’s news media erupted with uncritical applause earlier this week when it was announced that Detroit’s Downtown Development Authority approved a memorandum of understanding with the Ilitch-owned Olympia development. Read more at Metro Times and make a comment

 June 25, 2013  Posted by at 3:53 am Uncategorized Tagged with: , ,  No Responses »
Jun 222013
EM Orr’s plan for Detroit: phony debt moratorium, theft of city assets including water, Belle Isle, pensions

by Diane Bukowski, Voice of Detroit, June 20, 2013 Wall Street creditors fully insured, will get paid Orr, advisors declare State Constitutional pension guarantee invalid Want residents, workers, retirees to take severe cuts Drastic action by unions, peoples’ leaders needed DETROIT – According to business analysts, the city’s pension funds and unions should not be […]

Jun 212013
Only solution to Detroit’s crisis: CANCEL THE DEBT

By Abayomi Azikiwe, Workers World, June 19, 2013 Detroit — A new restructuring plan has been issued for Detroit with no real input by the people of the city. Kevyn Orr, the state-appointed emergency manager, held a closed meeting on June 14 with creditors and some labor leaders at the Westin Hotel in the main terminal […]

Jun 212013
Detroit's Debt Crisis: Everything Must Go

The city just suspended its payments to Wall Street. But is this the beginning of a resurrection for the city – or an organ sale? By Laura Gottesdiener, Rolling Stone, June 20, 2013 Diego Rivera is under attack in Detroit. It’s not the first threat to the late Mexican artist’s famed murals, which depict the […]

Jun 202013
Just what are derivatives?

Too Bad Not to Fail By William J. Quirk, The American Scholar, Summer 2010 In “Babylon Revisited,” F. Scott Fitzgerald’s 1931 short story about the aftermath of the 1929 Wall Street crash, Fitzgerald makes the point that such collapses are slips in morality as much as financial failures. Charlie Wales, the story’s emotionally fragile hero, […]

 June 20, 2013  Posted by at 4:38 am Uncategorized Tagged with: , ,  No Responses »
Jun 202013

JPMorgan Caught in Swirl of Regulatory Woes, May 3, 2013 Government investigators have found that JPMorgan Chase devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers,” and that one of its most senior executives gave “false and misleading statements” under oath. The findings appear in a confidential government document, reviewed by The […]

 June 20, 2013  Posted by at 3:11 am Uncategorized Tagged with: ,  No Responses »