Judge signs off on Detroit’s $85 million swaps settlement

April 11, 2014
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Judge signs off on Detroit’s $85 million swaps settlement

The judge overseeing Detroit’s historic bankruptcy has signed off on an $85 million settlement involving two banks tied to a horrendously complex financial deal to shore up the city’s pension systems. U.S. Bankruptcy Judge Steven Rhodes previously rejected two offers involving Bank of America and UBS, an international bank based in Switzerland with affiliates...
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Former-Goldman Sachs VP: Detroit bankruptcy didn’t need to happen

April 8, 2014
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Former-Goldman Sachs VP: Detroit bankruptcy didn’t need to happen

We dropped by Wayne State University’s law school this morning to hear former Wallace Turbeville,  former Goldman Sachs vice president and current senior fellow at Demos, highlight a report he published on Detroit’s bankruptcy last fall. In case you haven’t read it, Turbeville’s findings don’t exactly mesh with Detroit Emergency Manager Kevyn Orr’s analysis...
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Greetings from Bankruptcy Court: Retiree Tales Vol. 1

April 1, 2014
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Greetings from Bankruptcy Court: Retiree Tales Vol. 1

The court docket for Detroit’s historic bankruptcy case is filled with a never-ending stream of legalese and detailed plans that intend to reshape the fundamental structure of the city. For city retirees, the impact of those plans may be immense: Under Detroit Emergency Manager Kevyn Orr’s currently proposed bankruptcy-exit plan, police and fire employees...
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City Slang: Ten things Detroit can learn from Miley Cyrus

August 26, 2013
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City Slang: Ten things Detroit can learn from Miley Cyrus

1. If you grind Robin Thicke while sticking your tongue out, the buzz on the net will quit focusing on bankruptcy. Get to work, Kevyn Orr. 2. Teddy Bears are not sexy, unless you’re a furry. The furry market is increasingly lucrative though, and we have houses to fill in Detroit. Grinding a teddy...
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To Fight Debt by Forgiving Debt

August 20, 2013
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To Fight Debt by Forgiving Debt

  We recently finished a new book by Robert Kuttner called Debtors’ Prison: The Politics of Austerity Versus Possibility. It was quite an eye-opener. Austerity, of course, is a dirty word around the left end of the political spectrum, one we’re used to arguing against, as it tends to hurt the most vulnerable among...
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Jerry Vile’s Sale of the Century

August 13, 2013
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It’s fair to say that we Detroiters have been slightly roughed up over the last few weeks … months … years … decades. However, one thing nobody can accuse us of is losing our sense of humor. Days after the city filed for bankruptcy protection, a mysterious — and HUGE — can of Crisco...
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