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View Diary: Inconvenient Questions Regarding Detroit's Bankruptcy (10 comments)

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  •  All they care about is economic development.... (6+ / 0-)

    meant for Detroit school children to this guy’s pocket?

    What they don't get is that there is no labor force in this state; and the more they fuck over education, the less there will be.  

    They are spending a boodle to recruit IT and Engineers from out-of-state because they can't fill all of the jobs they have.   Next will come the demand for more H-1B.  

    No matter where you look, the fox is in control of the hen house.  

    What we need is a Democrat in the White House. Warren 2016

    by dkmich on Fri Dec 13, 2013 at 12:28:08 PM PST

    •  "... the fox is in control of the hen house" (3+ / 0-)
      Recommended by:
      dkmich, Accipiter, lostinamerica

      Foxes, more like. For example:

      The British bank is in talks to provide special bankruptcy funding for Detroit known as “debtor in possession” financing. For the $350 million the city will receive, Barclays is set to charge a fee of 1.25% of the original amount, or $4.4 million, according to documents disclosed Monday. Barclays intends to resell portions of the debt, but if it runs into trouble finding buyers, it could raise the interest rate to lure buyers, adding to costs for the city. Barclays had sought to keep the fees confidential, warning that making the costs public would make the financing more expensive...

      "Believe nothing, no matter where you read it or who has said it, even if I have said it, unless it agrees with your own reason and your own common sense."

      by grape crush on Fri Dec 13, 2013 at 12:39:48 PM PST

      [ Parent ]

      •  And this, from the same article: (3+ / 0-)
        Recommended by:
        JerryNA, lostinamerica, dkmich
        The architects of Detroit’s legal strategy come from Washington D.C.-based law firm Jones Day, led by attorney Bruce Bennett. The firm brings a wealth of collective expertise (Jones Day is involved in the Stockton, Calif. bankruptcy), but also charges a pretty penny. Some lawyers bill as much as $1,000 per hour , according to The Detroit Free Press, which reported that the city has a contract with Jones Day for legal fees of up to $18 million. Orr, a former bankruptcy attorney and the current emergency manager, also used to work for Jones Day. Law firms Pepper Hamilton and Miller Canfield are also retained by the city, with contracts of $850,000 and $750,000 respectively.

        "YOPP!" --Horton Hears a Who

        by Reepicheep on Fri Dec 13, 2013 at 03:05:55 PM PST

        [ Parent ]

        •  Some of the principals at Jones Day used to be (1+ / 0-)
          Recommended by:
          grape crush

          associated with R. Ted Cruz, or he with them. They used to specialize in suing government on the basis of legislation they didn't like -- another reason for their friends on Capitol Hill to be rather cavalier about the laws they pass. After all, if the law is no good, the private sector has more opportunity to sue and the federal government has deep pockets.
          Now, if the story coming out of Detroit is to be believed, they're branching out into legal action against state and local governments.
          Public officials used to enjoy sovereign immunity. Then, after 1947, that protection was lost, but governmental bodies were still considered inviolate. Now that's being challenged. Instead of going after real assets like natural resources held in reserve, which require a lot of work to develop, the cannibals are going financial. Of course, if dollars weren't being made artificially scarce, there'd be no incentive to go after the stash. Nobody's aiming to corner vowels or consonants, meters or pounds.

          Obamacare at your fingertips: 1-800-318-2596; TTY: 1-855-889-4325

          by hannah on Sat Dec 14, 2013 at 04:49:34 AM PST

          [ Parent ]

        •  cozy.... (0+ / 0-)

          Wonder what kick backs Orr is getting beyond oysters and his hotel suite?  

          What we need is a Democrat in the White House. Warren 2016

          by dkmich on Sat Dec 14, 2013 at 05:49:50 AM PST

          [ Parent ]

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