Detroit's Bankruptcy, An Unique Opportunity To Transfer Wealth Assets-The March 2013 Interview
"Looking back on the nearly 18 month period since the City of Detroit entered the roads leading to U.S. Bankruptcy Judge Steven Rhodes Court, we reflect on the variety of twists and turns traveled.
From the Fiscal Crisis first declared by Michigan Governor Rick Snyder (R) in early 2013 and then former State Treasurer Andy Dillon, to a forced Consent Agreement for a period of nine months, ultimately leading to the appointment of former Jones Day Bankruptcy Attorney from way of Maryland, Kevyn Orr's rein as Detroit's Emergency Manager."
Minutes after 5:00 pm on July 11, 2014, several local media resources revealed an unnamed source affirmed Detroit Retirees voted for what is known as the Grand Bargain -- an legislative deal designed to cut earned pensions 4.5% or more, along with health and life insurance. Up to 20,000 retirees will be impacted by the true results of this vote. This is despite language in Michigan's Constitution and Funding Document declaring promised pension benefits SHALL NOT be impaired.
U.S. Federal Bankruptcy Judge Rhodes is scheduled to make a finalized decision on Detroit's Bankruptcy July 18, 2014.
Over in Illinois during the first week of July, the State's Highest Court - Supreme Court of Illinois stuck down an 2012 Public Act which sought to cut health care benefits earned to retirees. Citing language in Illinois State Constitution in Article 13, Section 5 Illinois Supreme Court in a 6 to 1 majority barred State Legislative leaders or other resources of impairing retirees pension and health benefits - irregardless to whatever "fiscal crisis" of the moment is boasted.
However, Detroit's road to Bankruptcy Court sets it apart from any other State in the latest rounds of Austerity Focused legislative officials displaying a strong willingness to cut pension and benefits to retirees, before ever deceasing their own. Today, the focus is Water, plus in particular Detroit and by extension Michigan's natural resource of abundance, called The Great Lakes."
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