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Detroit Bankruptcy: A Savage Assault On Detroit’s Residents

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AFRICANGLOBE - Detroit Emergency Manager Kevyn Orr released a “plan of adjustment” Friday that includes huge cuts in city worker pensions and health care, pledges full payment for secured bondholders and outlines plans for the privatization of city services and assets, including the transfer of control of the Detroit Institute of Arts.

Detroit: Largest Bankruptcy Trial in U.S. History Ends

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AFRICANGLOBE - Federal Judge Stephen Rhodes heard closing arguments in the largest municipal bankruptcy trial in United States history on November 8. The City of Detroit being unjustly represented by the law firm of the imposed emergency manager Kevyn Orr, Jones Day, attempted to make a case for forcing the majority African American municipality into insolvency where pensioners may get as little as sixteen cents on the dollar.

Obama Rejects Federal Aid for Detroit

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AFRICANGLOBE - The Obama administration has rejected any federal rescue package for Detroit. The White House, which handed trillions of dollars to the banks and auto corporations, has made it clear it will do nothing to protect the pensions, jobs and social services of Detroit’s workers, which are targeted for massive cuts in the largest municipal bankruptcy in US history.

Emergency Financial Manager Takes Over Detroit

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AFRICANGLOBE - Kevyn Orr began the first day of his eighteen-month tenure as the state-appointed Emergency Financial Manager (EFM) of Detroit Monday, three days before the new emergency manager law goes into effect. Detroit is now the largest US city to be under the control of an unelected official with sweeping powers to gut public services and the wages and pensions of city workers.
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