debt service

Mar 302014
Austerity imposed on Ukraine by U.S./NATO imperialism

Same forces attacking democracy and imposing austerity in Detroit have overthrown democracy with the aid of Nazis and are imposing austerity in Ukraine. See IMF statement in the following article. And Now The Real Economic Pain Begins As IMF Unleashes $27BN Bailout In “Near Bankrupt” Ukraine Welcome to IMF vassal state status. Enjoy your hyperinflation […]

 March 30, 2014  Posted by at 2:54 pm Uncategorized Tagged with: ,  No Responses »
Mar 052014
Swaps, COPs & Lingering Questions

Good description of Certificates of Participation and other terms in the Detroit Bankruptcy. Curt Guyette, Investigative Reporter, ACLU of Michigan, February 5, 2014 In 2005, the city of Detroit faced a monumental dilemma: It desperately needed to borrow more than $1.4 billion to help shore up its two pension systems, but doing so would far […]

Mar 052014
Detroit bankruptcy plan puts buzzsaw to pension benefits

Complicated bailout also offers contribution break for city until 2023 By Kevin Olsen, Pensions & Investments, March 3, 2014 Detroit’s state-appointed emergency manager sliced into the accrued benefits of pension fund participants in a plan of adjustment filed in U.S. Bankruptcy Court on Feb. 21, while the city would not be required to make any […]

Mar 022014
Detroit Water and Sewerage Downgraded By Fitch

by Douglas A. McIntyre, 24/7 Wall Street, March 1, 2014 Detroit has enough problems with its shrinking population and falling tax bases, its Chapter 9 filing, and battles with pensions and bondholders. However, its troubles increases as Fitch downgraded bonds issued by the city on behalf of the Detroit Water and Sewerage Department (DWSD). DWSD […]

Feb 282014
Detroit in Bankruptcy—The Next Greenwood?

Note: Greenwood is a reference to Greenwood Avenue, the main thoroughfare in what was known as the Black Wall Street, located in the African American section of Tulsa, Oklahoma. In the early 1900s, Black Wall Street was very prosperous and was one of the most affluent all-Black communities in the U.S.  The 36 block business […]

 February 28, 2014  Posted by at 12:26 am Uncategorized Tagged with: , , , , ,  No Responses »
Feb 202014
 City union strikes in Detroit - September 30, 2012

In the Fall of 2012, city workers at the Detroit Water and Sewerage Department went on strike against union busting and privatization plans of the DWSD management. The author of the article is a retired Detroit Water & Sewerage Department city worker,  past president of Sanitary Chemists and Technicians Association (formerly United Auto Workers Local […]

Feb 032014
Proposed Detroit Grants Test Limits of Philanthropic Aid to Cities

By Suzanne Perry,, January 14, 2014 Note: This story has been updated to include the exact pledges made by the Ford Foundation and the Kresge Foundation. For one thing, they have placed some conditions on their aid: For example, the state must contribute to the fund, and the property-tax increases that three Detroit-area counties […]

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 112014
EM Kevyn Orr cuts Detroit's 2014 budget by $95 million to pay "consultants"

EM Kevyn Orr needs to pay his “dumb, lazy, happy, and rich” consultants from Jones Day and Wall Street, so in late October, 2013, he cuts $95 million for his previously approved City of Detroit’s Budget for Fiscal Year 2014.  These cuts include very substantial cuts to Emergency Medical Services, Fire Protection, and other Public […]

Jan 032014
 Trial lifts lid on banks’ looting of Detroit

Kris Hamel, Detroit, December 30, 2013 Something unexpected happened in the city of Detroit bankruptcy case in court on Dec. 18. Judge Steven Rhodes adjourned the trial, which had been called to get approval for a settlement on “termination fees” that the city allegedly owes to Bank of America and United Bank of Switzerland. The […]