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Forum Post: Lawyers, Hedge Funds and Consultants, Win $250 million!!

Posted 11 months ago on Aug. 28, 2013, 9:12 a.m. EST by shooz (17785)
This content is user submitted and not an official statement

In the screw Detroit lottery!!

Yes this is what's being charged to "administer" Detroit's forced bankruptcy.

"In the rush to privatize America, nothing may symbolize the destruction of the notion of democracy and the public commons -- up until now -- as much as the takeover of Detroit by an "emergency manager," Kevyn Orr, appointed by Tea Party Michigan Governor Rick Snyder.

Detroit had long ago been abandoned by the auto companies that once made it among the most vibrant and economically energized cities in the United States. It's been declining in population at the same time predatory lenders are foreclosing on what remains of the depleted housing stock, that which hasn't fallen into rubble.

So it's a bit shocking to read on Michigan Live (mlive.com):

The [Detroit] News reported this week Ernst & Young is the highest-paid consultant, pulling in $6.6 million to analyze the city's cash flow. Emergency Manager Kevyn Orr's former law firm, Jones Day, has been paid $1 million, though the firm is already writing off billable expenses it won't collect from the city.

How high could the bill go? An expert quoted by the News estimated the total bill for bankruptcy-related fees will be far higher. Expenses could “easily” top $250 million, Jim McTevia of McTevia & Associates, a turnaround firm in Bingham Farms, told the News.

Here's the kicker: the judge overseeing the bankruptcy appointed a $600 an hour attorney, Robert M. Fishman, to "monitor" the city's bankruptcy fees."

That did that just say $600hr just to monitor?

Yes it did!

http://www.truth-out.org/buzzflash/commentary/item/18163-lawyers-hedge-funds-and-consultants-to-profit-as-detroit-bankruptcy-costs-may-top-250-million

Meanwhile here's a list of foreign "concerns" that receive more aid.

http://nextcity.org/equityfactor/entry/here-is-foreign-every-country-that-gets-more-federal-aid-than-detroit

Ain't libe(R)topia grand!

Teabaggge(R),Koch whore Snyder hates the blind too.

So he will keep them totally in the dark.

http://www.truthdig.com/eartotheground/item/no_news_for_michigans_blind_20130827/

14 Comments

14 Comments


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[-] 0 points by GirlFriday (17435) 11 months ago

pulling in $6.6 million to analyze the city's cash flow. Emergency Manager Kevyn Orr's former law firm, Jones Day, has been paid $1 million, though the firm is already writing off billable expenses it won't collect from the city.


Ha.

[-] -2 points by shooz (17785) 8 months ago

Lying is what they do.

Detroit's debts are a fraction of the $18bn lawyers pushing for bankruptcy say they are, and their costs are "irrelevant, misleading and inflated," according to a report released Wednesday.

"A Demos thinktank report, issued as a city judge decides whether to allow Detroit to file for the largest municipal bankruptcy in US history, lays the blame for the city's woes at the feet of falling revenues, Wall Street banks and "extreme assumptions" calculated to make its problems worse than they are.

"There is no doubt that the city has suffered from structural decline and that state and city policies have not successfully addressed that decline. But that is not the immediate issue in a municipal insolvency. The issue is that the cash currently available does not cover the current expenses of the city," said Walter Turbeville, the report's author, a former Goldman Sachs investment banker and a leading expert in infrastructure finance and public private partnerships."

http://www.theguardian.com/world/2013/nov/20/detroit-accused-exaggerating-18bn-debts

[-] -2 points by shooz (17785) 11 months ago

So let's screw the little guys!!!!!

These workers could be forgiven for laboring under the illusion that they would see the pensions for which they worked. These obligations were actually guaranteed under the state's constitution....

Contracts with Wall Street types always seem to draw more respect than contracts with workers. Folks may recall that when AIG was bankrupt and effectively a ward of the government, we were told by the Obama administration (where Emanuel was then chief of staff), that it had to pay out $165 million in bonuses to its senior staff. Many of the AIG employees, who had taken the company into bankruptcy, pocketed hundreds of thousands of dollars from these bonuses.

By contrast, the pensions for Detroit's retirees average just over $18,000 a year. That means many AIG executives got a larger bonus from their bankrupt company in 2009 than Detroit workers will collect over their whole retirement.

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[-] -2 points by shooz (17785) 11 months ago

You signed on, just to insult my wife?

And you think you know anything at all about OWS principals?

You're a jerk.

Know that and leave.

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[-] -1 points by shooz (17785) 11 months ago

You lied.

In every post so far.

You used your lies to distract from the actual issue, presented in this thread.

Now why would you sign on to do that?

Marketing?

[-] -2 points by shooz (17785) 11 months ago

Selling the parking meters too!

Selling off the commons. It's what teabagge(R)/libe(R)tarians do.

http://www.detroitnews.com/article/20130828/METRO01/308280050/Orr-puts-Detroit-garages-meters-up-sale?odyssey=tab|topnews|text|FRONTPAGE

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[-] -2 points by shooz (17785) 11 months ago

No puppets, no bots.......ever.

You?

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[-] -2 points by shooz (17785) 11 months ago

You endorse dishonesty.

Good to know.

How many puppets, so far?

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[-] -2 points by shooz (17785) 11 months ago

You insulted my wife and I!!

Unbidden.

You are first and foremost a liar.

You are dishonest.

You have provided absolutely no honest reasoning so far.

You are completely off topic.

You have offered not a single word on the topic.

You are a lying distraction to any topic.

You should go.

PS, You have proven beyond the shadow of a doubt, that you are incapable of moderating yourself.

Making you a liar on that count too.