Dec 282013
Chrysler Bankruptcy - only 29 cents to secured creditors

In the 2009 Chrysler bankruptcy, secured creditors, first in line for repayment, ultimately received 29 cents on the dollar.  This was still too much since the debt was trading for around 15 cents on the dollar.  Jones Day, including Kevyn Orr, represented Chrysler in the bankruptcy. For details, see Chrysler: Grand theft auto – Bankruptcy […]

Dec 262013
Demos Hails Judge Rhodes’ Order to Renegotiate Detroit’s Swaps Deal Settlement with Big Banks

Demos press release, December 19, 2013 NEW YORK — Yesterday, U.S. Bankruptcy Judge Steven Rhodes grilled Jones Day lawyers representing the city of Detroit and the city’s Emergency Manager Kevyn Orr over a settlement reached outside of the bankruptcy process between the city and Bank of America and UBS to pay the termination fees of […]

 December 26, 2013  Posted by at 1:31 am Uncategorized Tagged with: , , ,  No Responses »
Dec 232013
Lies, Damn Lies, and Retirement Savings

401(k) retirement plans do not work for anyone, except the wealthiest, who use retirement accounts as tax shelters. The rest of us would be better off under a more egalitarian and efficient system. by Monique Morrissey, Economic Policy Institute, Dec. 6, 2013 The American Benefits Council, the American Council of Life Insurers, and the Investment […]

 December 23, 2013  Posted by at 6:00 pm Uncategorized No Responses »
Dec 232013
CNN Opinion: What Bled Detroit Dry? It’s Not Pensions

by Diane Bukowski, Voice of Detroit, Dec. 21, 2013 Stripping Detroit’s workers of their modest pensions will kill middle class Most pensions are $19,000 year; $30,000 a year for police and firefighters Culprits are sky-high financial costs, corporate subsidies, tax loopholes Detroit bankruptcy caused by same dynamics creating inequality in the nation Ross Eisenbrey By […]

Dec 222013
Detroit Barclays Deal Should Be Thrown Out by Bankruptcy Court

By Abayomi Azikiwe Editor, Pan-African News Wire This is one of the most outrageous deals involved in the Detroit economic crisis. Why should tax dollars from income and casino revenue be pledged to pay Bank of America and UBS, two crooked financial institutions that have done nothing but create blight and misery for the people […]

Dec 142013
Detroit "Bankruptcy" Distracts from Attack on Constitution

By William Boardman,, 12/13/2013 “Through its provisions, Public Act 436 establishes a new form of local government, previously unknown within the United States or the State of Michigan, where the people within local municipalities may be governed by an unelected official who establishes local law by decree.” — Complaint for Injunctive Relief, Phillips et […]

 December 14, 2013  Posted by at 11:47 pm Uncategorized No Responses »
Dec 102013
Judge Rhodes' Ruling on the Detroit Bankruptcy Sets a Terrible Precedent

By Wallace Turbeville, Demos, Dec. 3, 2013 The inescapable inference is that the political leaders of the state have used the bankruptcy laws to get leverage to affect their desired policies. In other words, the bankruptcy was “fixed.” Today, bankruptcy judge Steven Rhodes ruled that the criteria for the bankruptcy proceeding for the City of […]

Dec 092013
Detroit Decision: Federal Judge Rules in Favor of Banks and Political Dictatorship

Despite failure to negotiate in “good faith” Rhodes says state was justified in filing for bankruptcy By Abayomi Azikiwe Editor, Pan-African News Wire Wednesday, December 4, 2013 Judge Steven Rhodes has ruled that a state-imposed emergency manager was acting legally when bankruptcy was filed over and above the objections of the people of Detroit. The […]

 December 9, 2013  Posted by at 3:56 am Uncategorized Tagged with: , , , , ,  No Responses »