Every day there is a new water main break caused by the pressure on the Detroit Water & Sewerage Department’s (DWSD) infrastructure by the freezing winter. The press and Emergency Manager are using these breaks to justify the giveaway of the DWSD to suburban controlled entities, and as an excuse for privatizing the workforce and busting the unions.
But did you know that the real culprits for the water main breaks are the big banks, JP Morgan Chase, Morgan Stanley, UBS and Loop Financial who stole $500 million out of $1 billion in bonds earmarked for water infrastructure repairs in 2011 and 2012.
These banks used Governor Snyder’s declaration of a financial emergency in Detroit as the basis for terminating interest rate swaps they had imposed on the DWSD, and immediately demanded a $500 million swap termination payment.
Interest rate swaps are predatory loans concocted by the banks to rob municipalities and city projects across the U.S. and worldwide, after the banks got through with destroying our neighborhoods with mortgage fraud. Even bankruptcy Judge Rhodes held that the City Of Detroit would likely win in a court challenge to recover the hundreds of millions stolen by Pension Obligation Certificate swaps.
Demand that JP Morgan Chase, Morgan Stanley, UBS and Loop Financial repay the DWSD for the $500 million they took in the swap swindle.
People before banks – repair the DWSD infrastructure!Stop the DWSD layoffs and privatization.
Hire and train our youth to stop the water disaster hitting our city!