Jan 282014
 Court nixes giveaway to banks

By Kris Hamel, January 27, 2014 Detroit — In what the corporate media have called a “stunning blow” to Wall Street, two of the biggest capitalist banks have been barred from making a deal that would take an additional $165 million from the people of Detroit. The ruling by a federal bankruptcy judge also prevents […]

Jan 272014
JPMorgan and Madoff Were Facilitating Nesting Dolls-Style Frauds Within Frauds

JPMorgan has been forced to pay fines and restitution of $2.6 billion for their 22-year role in aiding and abetting Ponzi-scheming Bernie Madoff.  The people of Detroit must demand the same – the Detroit Water and Sewerage  swap temination fees paid out in 2011 and 2012 by  JP Morgan Chase, Morgan Stanley, UBS and Loop […]

Jan 182014

by Wallace Turbeville, Demos,  January 17, 2014 Just three days before Kevyn Orr, the Emergency Manger appointed by Michigan Governor Snyder to run the fiscally strapped City, filed the largest municipal bankruptcy case in history, he signed a Forbearance Agreement with UBS and Bank of America/Merrill Lynch establishing a process to settle possible claims on […]

Jan 172014
Judge Rules “Detroit” is Trying To Give Banks ‘TOO Much Money’

By Alan Pyke, Think Progress,  January 16, 2014 A judge rejected Detroit’s second attempt to resolve one key piece of its unpayable debts on Thursday, saying that a renegotiated deal with two Wall Street banks was still “just too much money.” Saying that his court “will not participate [in] or perpetuate hasty and imprudent financial […]

Jan 172014
 Hear U.S. Bankruptcy Judge Steven Rhodes ruling rejecting swaps settlement

Hear U.S. Bankruptcy Judge reject the swaps settlement negotiated by Emergency Manager Kevin Orr and Jones Day on behalf of Bank of America merril Lynch and UBS. Or click here: 14Jan16 Rhodes decision 2bk2013-53846_1162014-20044-PM

Jan 172014
Attorney Jerome Goldberg summation in the swaps bankruptcy hearing, January 13, 2014

Listen to Attorney Jerome Goldberg, representing City of Detroit retiree David Sole, argue why the Emergency Manager’s sweetheart deal for Bank of America Merrill Lynch and UBS to terminate the pension-related swaps must be rejected, on January 13, 2013. Or click here: 14Jan13 Goldberg closing pm 2bk2013-53846_1132014-13031-PM

Jan 172014
Court rules against giveaway to banks in Detroit

by Kris Hamel, January 16, 2014 Detroit,  Jan. 16 — With a decision community activists called “a major victory for the people of Detroit,” U.S. Bankruptcy Court Judge Steven Rhodes ruled today that the City of Detroit could not go forward with its loan deal with Barclays Bank that would have cost the city millions […]

Jan 172014

Attorneys discuss Judge Rhodes rejection of Emergency Manager Kevyn Orr and Jones Day $169 Million sweetheart deal for Bank of America and UBS on Fox 2 News “Let It Rip”

Jan 172014
Detroit bankruptcy judge rejects deal with banks

Fox 2 News Headlines: Judge rejects deal with banks By DAVID EGGERT AND ED WHITE Associated Press LANSING, Mich. (AP) – A judge overseeing Detroit’s bankruptcy again rejected a deal Thursday to end a disastrous financial agreement with major banks, dealing a blow to officials who want to put the issue behind them as they […]

Jan 152014
Demonstrators Demand An Economic ‘People’s Recovery’ At Detroit Auto Show

Organizers assert that Detroit, currently in bankruptcy, is at the forefront of a nationwide assault against workers and unions in both the public and private sector By James Fassinger, Mint Press News, January 14, 2014 DETROIT — As automakers prepared to trumpet record profits and reveal new car models at the 25th annual North American […]

 January 15, 2014  Posted by at 7:09 pm Uncategorized Tagged with: ,  No Responses »