#BREAKING Following requests by Detroit Employees Unions and workers to challenge terms of a 2005 City Debt Swap deal, the City of Detroit filed a lawsuit Friday aimed at wiping out a massive debt from former Mayor Kwame Kilpatrick administration. As first revealed by January 23 report in the Michigan Citizen, ex-mayor, in 2005 former City Chief Investment Officer Sean Werdlow and city banks established illegal structure per Michigans Municipal Finance Law Act 34, resulting in Detroit owning $1.4 billion in debt to Corporate Financial Institutions of UBS AG and Bank of America. The debt resulted in Michigan Governor Rick Snyder mandating Detroits Elected Officials last year accept appointed Emergency Manager Kevyn Orr in March 2013 controlling all of the Citys finance and municipal affairs, under controversial state law P.A. 436 of 2012. Read more: reachoutjobsearch/2014/02/breaking-detroit-set-to-sue-banks-ubs.html#ixzz2s3XZeSol
Posted on: Sat, 01 Feb 2014 08:35:40 +0000
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