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Detroit Bankruptcy Imminent | Zero Hedge


Detroit Bankruptcy Imminent | Zero Hedge.

 


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  1. cgchi13 says:

    THE DESCENDANTS OF THE MERCHANT OF VENICE IN ACTION IN DETROIT

    FED JUDGE WILL ISSUE VERDICT DEC. 3 ON LEGALITY OF DETROIT DECLARING BANKRUPTCY; NATURAL LAW REQUIRES GLASS STEAGALL
    November 26, 2013 • 3:23PM

    Federal Bankruptcy Judge Steven Rhodes said in a court filing yesterday, that on Dec. 3, he will hold a hearing at 9 am to discuss his verdict on whether to authorize the Ch. 9 bankrupcty filing by the city of Detroit; his written statement will be made available later. Rhodes’ action is considered highly unusual, compared to standard law practice; he is expected to speak very carefully on the record, in order to avoid grounds for appeal.
    In citation of a debt of $18 billion, the Detroit bankruptcy filing is the largest in U.S. history, but is also one of the most blatant trans-Atlantic examples, of the gutting of the physical economy, and the predations by a swarm of mega-banks, which foisted swaps and other financial rip-offs of city finances. Detroit’s situation alone exemplifies why there must be a re-institution of the Glass-Steagall law, and a bankruptcy-reorganization of the national economy.
    The Detroit bankrupcty filing was made in July by a cohort of those desiring to gut the city, including the governor and state appointed emergency manager Kevin Orr. The filing is contested by city workers and constituents on various grounds, including that there has been no good faith approach to the public good, in the negotiations, in the assertions of insolvency, and in the demands by the city emergency proposals to cut city worker pensions, sell assets and otherwise demolish what remains of Detroit.
    There are thousands of other cities, counties and various local governments in extreme, impossible financial circumstances, in particular throughout the cities of the former industrial heartland of North America—the Great Lakes states.
    In Pennsylvania, for example, there are 21 localities on the state’s “financially distressed” roster, mostly in the beaten-down former coal and steel counties. Dozens of cities and townships, including the state capital, have called on Washington, D.C. to re-instate Glass-Steagall and re-start the economy.
    In 1987, “Act 47” was passed by Pennsylvania, under which the state could declare a locality in financial trouble, and impose severe austerity measures, called “restructuring.” The roster (and date of listing) includes Pittsburgh (2003) and many nearby Allegheny County former heavy industry centers: Clairton (1988), Duquesne (1991), Rankin (1989), Braddock (1988); as well as Johnstown (1992), in the coal county of Cambria; Altoona (2012), a former rail-machining center; and many of the old eastern coal centers, West Hazelton (2003), Nanticoke (2006), Scranton (1992), and finally, Harrisburg (2010), the state capital. ” http://larouchepac.com/node/29021

    ” …….Some experts are now estimating that the payments to the megabanks UBS and Bank of America, which Detroit faces on the “interest-rate swaps” derivatives it was conned into buying, may even be considerably larger than the $225 million reported in EIR’s “Detroit Facts”. According to both the Financial Times and columnist Yves Smith’s Naked Capitalism blog, the city may face immediate looting of $700 million, on top of more than $100 million a year lost to the city for the past eight years on these derivatives bets. The appointment of Kevyn Orr as emergency manager by Gov. Rick Snyder on March 14, was itself a “credit event” potentially triggering a $400 million derivatives payment by the city, one which Orr and the banks may be “not bringing up” until bankruptcy court hearings start…….” http://larouchepac.com/node/27564

    ” Cities and counties are, however, beginning to pay the costs of Detroit “emergency manager” Kevyn Orr’s dirty work for UBS, Bank of America, and their ilk, in steadily rising municipal bond interest rates. Orr said in an early interview that he “didn’t care” what impact his actions had on municipal bond rates, as long as he made the cuts in Detroit. Already, four Michigan counties/cities have had to withdraw bond issues in the past week: Genessee County (A2 rating), $53 million issue; Saginaw County (Aa3 rating), $60 million issue; Battle Creek (AA) $16 million school bond issue; and Hamtramck, a school bond issue. All were contemplating exorbitant rates of 6% or higher. Chicago’s treasurer announced on Aug. 6 that the city’s annual interest cost estimates have risen by $2 million in past two weeks.” http://larouchepac.com/node/27666

    BANK OF AMERICA is also connected with the person of Warren Buffet a friend of JACOB ROTHSCHILD and EVELYN DE ROTHSCHILD.
    http://www.huffingtonpost.com/2011/11/14/warren-buffett-ibm_n_1092165.html
    JACOB ROTHSCHILD “Hosted the European Economic Round Table conference in 2002 at Waddesdon Manor, attended by such figures as James Wolfensohn, Nicky Oppenheimer, Warren Buffet, and Arnold Schwarzenegger ” https://wikispooks.com/ISGP/organisations/introduction/PEHI_Jacob_de_Rothschild_bio.htm https://wikispooks.com/ISGP/organisations/introduction/PEHI_Evelyn_de_Rothschild_bio.htm
    Bank Of America and Merrill Lynch ( subsidiary of Bank of America ) are also related with the Edmond De Rothschild, owned by BENJAMIN DE ROTHSCHILD and ARIANE DE ROTHSCHILD, through the persons of Gerald Levy, Matthieu Walterspiler, Barbara Colombo, Beate Bakker, etc… https://en.wikipedia.org/wiki/Benjamin_de_Rothschild https://en.wikipedia.org/wiki/Ariane_de_Rothschild
    http://www.lejdd.fr/Economie/Images/Les-plus-grosses-fortunes-de-France/Benjamin-de-Rothschild-206941
    http://www.linkedin.com/pub/gerald-levy/60/b49/b87 http://uk.linkedin.com/in/walterspiler http://www.linkedin.com/pub/barbara-colombo/26/b21/766
    http://ch.linkedin.com/pub/beate-bakker/16/a55/491

    UBS IS RELATED WITH BLACKSTONE THROUGH THE PERSONS OF KARL KNAPP AND BRUCE AMLICKE.
    http://www.reuters.com/article/2013/04/18/us-ubs-knapp-idUSBRE93H1B520130418 http://www.zoominfo.com/p/Bruce-Amlicke/20212037
    BLACKSTONE GROUP IS CONTROLLED BY THE ROTHSCHILDS AND IS CONNECTED WITH DEUTSCHE BANK, THE BUSH FAMILY, CARLYLE, AL QAEDA, ETC. .
    http://deanhenderson.wordpress.com/2013/09/27/bin-laden-the-911-illusion-part-ii-deutsche-bank-blackstone/
    http://therearenosunglasses.wordpress.com/2013/10/24/rothschilds-hidden-behind-obama-and-the-genocidal-obamacare/

    THERE ARE LINKS BETWEEN THE UBS AND THE ST. JAMES’S PLACE OWNED BY JACOB ROTHSCHILD FOR EXAMPLE THROUGH THE PERSONS OF JOHN BREWER AND SUSAN HUTTON. http://uk.linkedin.com/pub/john-brewer/15/b97/431 http://uk.linkedin.com/in/susanhutton1
    ” From his headquarters in St James’s Place in London, Jacob Rothschild has cultivated an influential set of clients, business associates and friends who have extended his interests far beyond the normal scope of a banker. ” https://en.wikipedia.org/wiki/Jacob_Rothschild,_4th_Baron_Rothschild
    EVELYN DE ROTHSCHILD SPEAKS VERY WELL ABOUT UBS: ” don’t forget that one of the biggest examples of a bank which – to me – was highlighted, is the wonderful, most prominent banking institution in the world, was UBS. ” http://www.abeldanger.net/2012/07/november-2010-bloomberg-interviews.html
    ” Stefano Rossi that in a famous interview speaks of virtuous countries and of the impending crisis of Greece and of Spain, is CEO of EDMOND DE ROTHSCHILD and began his career in London in 1988. In 1989 he returned to Italy to join Citibank.
    In 1991 he moved to S.G. Warburg and subsequently, with the company’s acquisition by SBC and the subsequent merger with UBS, was promoted in 1996 to Head of Sales at UBS. Appointed in 2001 stock market Manager and Managing Director of UBS SIM, Rossi holds the position of CEO of the italian SIM OF UBS until June 2007. During his career at UBS SIM, Stefano Rossi and his team have been elected for eight times better Italian StockBroker from the Institutional Investors Survey.” http://theyellowbrickroadfreeblog.wordpress.com/2012/05/11/the-rothschild-clan-in-italy-sleuth-bankers/
    THE EDMOND DE ROTHSCHILD IS CONTROLLED BY BENJAMIN DE ROTHSCHILD AND BY HIS WIFE ARIANE DE ROTHSCHILD.
    https://en.wikipedia.org/wiki/Benjamin_de_Rothschild https://en.wikipedia.org/wiki/Ariane_de_Rothschild ………………….

    ” The fight for a Glass-Steagall type banking sepearation in Switzerland is now reaching the boiling point, with the Swiss Banking Association being forced to come out in the open and attack proposed legislation in Switzerland for Bank Separation, while a grouping of political forces are now consolidating their fight to force the legislation. ………………………….
    UBS chief Sergio Ermotti, on the contrary, chose to declare war in an interview with the economic magazine L’Agefi. While the apparent subject of the interview was the UBS gains from its investments in Vodafone, his remarks came down to an attack on the bank separation initiative, and, in particular, on SPP leader Christoph Blocher. In view of those financial gains, Ermotti said, it is understandable why people who want to strengthen the Swiss financial center and its banks, keep pushing bank separation. “It is also fundamentally difficult to carry out a professional discussion on the issue,” he protested….. ” http://larouchepac.com/node/28272 http://www.telegraph.co.uk/news/politics/8875360/Taxman-accused-of-letting-Vodafone-off-8-billion.html
    ( More Evidence of How the British Looted Detroit to Death http://larouchepac.com/node/27516 )
    ( Detroit: Pensions or Derivatives? Glass-Steagall Would Have Made the Choice http://larouchepac.com/node/27528 )
    ( CUTS IN HEALTH INSURANCE FOR DETROIT CITY WORKFORCE http://larouchepac.com/node/28731 )
    http://www.rollingstone.com/politics/news/gangster-bankers-too-big-to-jail-20130214
    ( UBS, Scared by Glass-Steagall, Announces Fake Pre-Emptive ‘Separation’ http://larouchepac.com/node/28739

    THE JUDGE STEVEN RHODES WILL DECIDE IN THE RIGHT INTEREST OF THE POOR PEOPLE OF DETROIT OR IN THE INTEREST OF THE USURERS OF LONDON AND GENEVA ?

    http://wikimapia.org/6825620/fr/Chateau-de-Pregny http://www.panoramio.com/photo/77169200 https://en.wikipedia.org/wiki/Waddesdon http://www.waddesdon.org.uk/ http://www.thefullwiki.org/Waddesdon_Manor http://www.thefullwiki.org/Ascott_House http://www.breathingenglishair.blogspot.fr/2012/04/ascott-house-buckinghamshire.html

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