Jan 022014
Kevin Orr: Go after Bank of America and UBS, not City of Detroit pensioners and city services

At a deposition this week, Emergency Manager Kevyn Orr testified that he had his attorneys draft a complaint against Bank of America and UBS charging them with fraud, unjust enrichment and breach of contract among other counts in connection with placing the City of Detroit in interest rate swaps that have cost the city hundreds […]

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 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 […]

Nov 202013
Judge says no to secret fees in Detroit bankruptcy

by Kris Hamel, Workers World, November 18, 2013 In the struggle to stop the racist bankruptcy and emergency management imposed by the big banks on the city of Detroit, pickets chanted outside the downtown headquarters of Bank of America at lunchtime on Nov. 12. They targeted the financial giant because of its role — along […]

Nov 182013
Detroit bankruptcy means people versus banks

By Abayomi Azikiwe, Workers World, November 17, 2013 Federal Bankruptcy Judge Stephen Rhodes heard closing arguments Nov. 8 in the eligibility trial for what could be the largest municipal bankruptcy in U.S. history. The city of Detroit, represented by Jones Day — the law firm of the city’s state-imposed Emergency Manager, Kevyn Orr — attempted […]

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 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 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 […]