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Judge says Detroit meets conditions for Chapter 9

by: Eric B.

Tue Dec 03, 2013 at 10:08:58 AM EST


It's all over the Twitters. If you haven't seen it there, you need to sign up for the Twitters.

Or, just come here so I can sum things up for you.

Update! ... Judge Rhodes continues to read his summary, and is now getting into whether the governor's appointee (everyone keeps saying that it's the city, but it's not the city) negotiated in good faith before filing for bankruptcy.

Update2! ... Judge Rhodes says pensions protection provisions don't apply in federal bankruptcy proceedings, says framers of state constitution could have applied additional protections but didn't, will allow "impairment" of pension benefits during Chapter 9.

Update3! ... Judge Rhodes says Kevyn Orr didn't negotiate in good faith with creditors, but says doing so would have been impractical. o_0

Eric B. :: Judge says Detroit meets conditions for Chapter 9
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swap bets were a bank fraud (0.00 / 0)
Rhodes: "The city lost on the swaps bet. Actually, it lost catastrophically on the swaps bet."

We already know that the LIBOR rate used to determine the worth of the swaps was manipulated.

America either revives its industrial base or it dies. There is no future for people in a post industrial America.  


Tell that to the Appeals courts (0.00 / 0)
'Cos right now, we're left with EVERYTHING being on the table -- gutting both Pension funds, privatizing Detroit Water & Sewerage, cramdowns on all City collective bargaining agreements, and packing up the DIA's masterworks for shipment to unnamed Dubai oil barons, Russian oligarchs and/or Macau crimelords.

"The two most common elements in the universe are hydrogen and stupidity." ~ Harlan Ellison


[ Parent ]
everyone knows (0.00 / 0)
but no one will do anything - just yet. the banks have used their money to buy protection all throughout politics. the move against the banks hasn't hit critical mass yet. Puerto Rico is on the hit list as well as several other American cities. Detroit is not an isolated case. see Cyprus, Greece, Spain etc.

There is only one way to stop this. you have to take down the banks. it is us or them. The system is on the verge of complete collapse and only glass-steagall reimplementation can stop it. If you think you have an alternative answer I'm all ears.

BTW - take a look at what Ukraine just did and you see the way out. By rejecting EU membership they have retained their manufacturing export economy and will align east with Russia and china etc.

the trans Atlantic banking system is completely bankrupt and all it has to offer is high unemployment and austerity.

on pension funds - how does anyone think pensions can survive if there are no younger workers entering the system to produce goods to pay the pensions? no young worker, hence no pension. Michigan youth unemployment is about 35% right now.

America either revives its industrial base or it dies. There is no future for people in a post industrial America.  


[ Parent ]
watch germany (0.00 / 0)
Germany has signaled it approval of Ukraine's move. Take that as a signal they will bolt from the EU to save their high tech manufacturing export businesses.

America either revives its industrial base or it dies. There is no future for people in a post industrial America.  

[ Parent ]

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