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 […]

Nov 232013
The Detroit Bankruptcy

by Wallace Turberville, Demos, November 20, 2013 The City of Detroit’s bankruptcy was driven by a severe decline in revenues (and, importantly, not an increase in obligations to fund pensions). Depopulation and long-term unemployment caused Detroit’s property and income tax revenues to plummet. The state of Michigan exacerbated the problems by slashing revenue it shared […]

Nov 222013
Why Wasn’t the NSA Spying on Bloomberg Chat Rooms Where Unprecedented Market Rigging Was Taking Place?

This article raises an interesting question.  But, the NSA’s purpose is not to investigate Wall Street Terror – it’s purpose is to “aid and abet” the rule of the capitalist class. By Pam Martens, Wall Street on Parade, November 7, 2013 New York City’s Billionaire Mayor, Michael Bloomberg, Majority Owner of Bloomberg LP, Home of […]

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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 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 […]