Michigan's largest city of Detroit is $18 to $350 million dollars in debt, supposedly. Or is it?Federal bankruptcy Judge Steven Rhodes is set to determine if City of Detroit workers defined benefit plans will be reduced up to 90%, paying corporate benefactors first.
Lost in Detroit's story in the vigorous fight to claim control of Michigan's largest City, is how Governor Rick Snyder in June, declared the Motorcity totally bankrupt.
Detroit as a Bankrupt City elected its' first Caucasian Mayor-Elect in 40 years as former Livonia, Michigan resident Mike Duggan. As former Secretary of Detroit Public School's controversial Educational Achievement Authority, Duggan set to ascend as the municipality Chief Executive Officer, while 80% of the City populace remains African-American.
But, Detroit has no ability left to pay its' financial obligations.
Yet, top Washington, D.C. based law-firm Jones Day trust the City's ability to pay $22 million dollars to manage Detroit's bankruptcy process and day to day legal affairs. Former Jones Day top lawyer, Detroit Emergency Manager Kevyn Orr secured his former employer the lucrative agreement, while Orr join Snyder declaring Detroit was completely bankrupt.
Large business interests are converging upon Downtown Detroit, grabbing large pieces of remaining land assets for personal gain. If the City is financially broke, one would think Detroit land assets are worthless property holdings.
Christie's Auction House and Banclay's of London seem to have confidence some form of wealth sits in Detroit. Christie's wages a fight to control or auction public works of Art at Detroit's Institute of Arts. Banclay's secured $4.4 million fee to process a $350 million loan to finance Detroit's restructuring, while the City financial status is resolved by Federal bankruptcy Judge Steven Rhodes.
All of the above has occurred while Detroit is alleged to be $18 - $350 million dollars in debt.
Is the broke nature of the City a contrived scheme? A scheme to pay Robin Hood in reverse, particularity robbing from the poor to pay the rich?
According to former Detroit Mayoral candidate and Certified Public Accountant Tom Barrow it is -- a scheme indeed.
Independent Underground News & Talk exclusively interviewed C.P.A. Barrow on the viability of Detroit's rumored bankruptcy status on March 14, 2013. The interview was one week after Barrow, following the bequest of Detroit Councilwoman JoAnn Watson, met with former State Treasurer Andy Dillon examining the City's financial status and consent decree.
Listen to the video below and learn important details about Barrow's March 6 meeting:
On June 19, Governor Rick Snyder (R) and Emergency Manager Kevyn Orr appeared at press conference officially declaring the Detroit completely insolvent to pay bills due.
"The official story about Detroit goes something like this: Decades of mismanagement and out-of-control spending have left the city with a crushing $18 billion in debt. Things are so bad that the city government is simply not equipped to deal with the problem on its own, and so the governor had no choice but to temporarily suspend the powers of the mayor and city council, appointing an emergency manager (EM) in their place.
The EM, after making a good faith effort to patch together the city’s finances, realized that the only way out was through a full reset, and so he filed for bankruptcy. Alas, current and former public employees are going to have to make sacrifices in bankruptcy if Detroit is ever going to get back on its feet: One of the biggest sources of bloat is a $3.5 billion unfunded pension liability – meaning that pensions will have to receive a significant cut.
But that offical story is deeply flawed, according to a new report from the progressive think tank Demos. Having combed through publicly available data on the city’s finances, Demos senior fellow Wallace Turbeville—a former vice president at Goldman Sachs—concluded that Emergency Manager Kevyn Orr is selling a municipal bankruptcy on the basis of some deeply questionable assumptions.
The biggest of those assumptions is the claim that Detroit is facing an insurmountable long-term debt burden of $18 billion. In fact, Turbeville writes, that figure is both “irrelevant” and “simply inaccurate.”Here's the facts reporter Resinkoff and progressive think tank Demos: Detroit's Bankruptcy is a CONTRIVED SCHEME.
C.P.A. Barrow called the scheme to steal Detroit's assets for the financial gains of Wall Street, other well-funded organizations and like-minded business interests eight months ago during face to face meeting with State Treasurer Dillon.
Where was MSNBC, the Progressive Think Tank DEMOS and reporter Resinkoff in March, when information on how Detroit's bankruptcy status fallacy, broke on Independent Underground News & Talk March 14, when we spoke with C.P.A. Barrow?
Residents of Michigan's largest City, the state and America deserve better than corporate media controlled resources boasting credit for a story when its' convenient, on if Detroit is truly bankrupt.
Giving credit where credit is due, it was Detroit Resident and C.P.A. Tom Barrow who rightfully called the path leading Detroit's to Bankruptcy Court, a fallacy of the highest order.
Media resources and so-called Progressive think-tanks wise not use the idea of breaking new news on Detroit's financial status. Especially, when the truth was revived to members of the alternative news listening public, months ago.