Oct 282013

Click to view: 13 Oct 25 Council Resolution explaining oppositon to Barclays For more info: Detroit City Council tells EM and banks, ‘No!’

Oct 262013
EMU Faculty fight ties to the EAA

Faculty fight university’s link to controversial school turnaround district by Valerie Strauss, The Washington Post, Oct. 25, 2013 Professors at Eastern Michigan University are fighting to end the school’s connection to a highly controversial state school takeover district created by Republican Gov. Rick Snyder. The faculty members argue that they had no input in the […]

 October 26, 2013  Posted by at 3:38 pm Uncategorized Tagged with: ,  No Responses »
Oct 242013

By Cheryl LaBash, Workers World Note: Cheryl Labash is a retired City of Detroit worker Oct. 21 — In a unanimous vote today, Detroit’s City Council refused to rubber stamp the state-appointed Emergency Manager’s plan to pay off loans called “interest rate swaps” that would cost the city millions of dollars in inflated interest to […]

Oct 232013
Zimbabwe Government wants debt freeze for farmers

  The Zimbabwe Herald, Oct. 14, 2013 VICE President Joice Mujuru says Government intends to engage banks with a view to freezing debts owed by farmers to enable them to access funding for the 2013/14 cropping season. She said the stop-order loan repayment system should be resuscitated with respect to farmers who delivered grain to […]

 October 23, 2013  Posted by at 6:47 pm Uncategorized Tagged with:  No Responses »
Oct 212013

Conclusion from  Collapse At Hand, by Paul Craig Roberts: The US government should simply cancel the $230 trillion in derivative bets, declaring them null and void. As no real assets are involved, merely gambling on notional values, the only major effect of closing out or netting all the swaps (mostly over-the-counter contracts between counter-parties) would […]

 October 21, 2013  Posted by at 3:28 am Uncategorized Tagged with: , ,  No Responses »
Oct 202013
Ripoff: EM Orr's $350 Million Toxic Deal with the Banks

The Emergency Manager is seeking City Council approval of a $350 million short term loan.  $250 million of the proceeds of the loan are to pay Bank of America and UBS termination fees on interest rate swaps.   This is in addition to the over $250 million  these banks have already netted on these swaps based […]

Oct 202013
Who Broke Detroit?

Detroit did not just go bankrupt.  It was driven to bankruptcy by the banks and corporations that are profiteering off the city’s crisis.  While essential services are cut and the Emergency Manager tries to sell off our assets, banks are extracting millions of dollars from our city through toxic swap deals and large developers are […]

 October 20, 2013  Posted by at 3:38 am Uncategorized Tagged with: , ,  No Responses »
Oct 202013

download leaflet The Detroit city council has a crucially important decision to make: Accept the proposed $350 million Debtor in Possession (DIP) deal with Barclays Capital to pay off the termination fees on swaps with Bank of America and UBS, or reject the deal and offer a counter proposal. We urge the council to reject […]

Oct 202013
Forced into Bankruptcy, the Privatization of Detroit and the Protest Movement against the Banks

By Abayomi Azikiwe, Global Research, October 10, 2013 Detroit Gathering Internationalizes the Struggle Against the Banks and Austerity People from around the United States and the world express solidarity Grand Circus Park in downtown Detroit was the scene for the first International People’s Assembly Against Banks and Against Austerity that placed the blame for the […]

 October 20, 2013  Posted by at 2:46 am Uncategorized Tagged with: ,  No Responses »