LIBOR, SIBOR, Currency Trading, Swaps, Mortgage

Mar 052014
What's In Detroit's Latest Derivatives Settlement Proposal?

By Wallace Turbeville, Demos, March 4, 2014 The proposal includes a new provision … releasing the bank counterparties from liability in deals related to, but different from, the swaps. There may even be other undisclosed concessions in the settlement. Maybe this new settlement is not an improvement after all. The Detroit Emergency Manager, Kevyn Orr, […]

Mar 052014
Detroit Emergency Town Hall meeting opposes bankruptcy plan

By Abayomi Azikiwe, March 4, 2014 Detroit — A standing-room-only audience at Central United Methodist Church participated in an Emergency Town Hall meeting March 2 in response to the “Plan of Adjustment” in the Detroit federal bankruptcy case. The document is designed to institutionalize corporate rule over the people of this majority African-American city. The […]

Feb 282014
 Detroit declara guerra contra jubiladas/os

25 de febrero de 2014 Oficina WW/MO en Detroit El “Plan de Ajuste ” del administrador de emergencias Kevyn Orr, es una declaración de guerra contra las/os 20.000 jubilados de la ciudad de Detroit y sus pensiones. El plan, presentado el 21 de febrero en el caso de bancarrota de la ciudad, pide un recorte […]

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 […]

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Feb 272014
Detroit’s Reorganization Plan: The Good, the Bad and the Ugly

By Wallace Turbeville, Demos, February 21, 2014 Detroit’s Emergency Manager, Kevyn Orr, has filed a “plan of adjustment” with the court in the largest municipal bankruptcy in history. It includes some troubling news, some hopeful news and leaves out important items that should be known before a final plan for moving forward is settled. It […]

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Feb 242014
Repair the Water Main Breaks – Make The Banks Pay!

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 […]

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 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 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 […]