Detroit demonstration against the city paying debt service to the banks. The demonstration took place outside Bank of America on May 9, 2012. (Photo: Abayomi Azikiwe), a photo by Pan-African News Wire File Photos on Flickr.
FOR IMMEDIATE RELEASE
STOP THE BANKS ROBBERY OF DETROIT – MONEY FOR JOBS AND HUMAN SERVICES NOT THE BANKS -- SUSPEND THE CITY’S DEBT SERVICE TO THE BANKS –
DEMONSTRATE AT U.S. BANK’S DETROIT OFFICE
Friday – June 15, 2012 – 4 P.M.
535 Griswold St. (Buhl Bldg. at E. Congress, downtown Detroit U.S. Bank
Governor Snyder’s threat this week to turn over Detroit’s $80 million in revenue sharing to U.S. Bank, exposes what the Public Act 4 and Financial Review Team are all about. They are meant to insure that the City’s $16.9 billion ($4.9 billion in interest/profit) gets paid. City jobs and services are to be eliminated so the same banks that destroyed Detroit’s neighborhoods now get first lien on the City’s treasury.
Mayor Bing and the media created a frenzy over the Corporation Counsel’s lawsuit saying it would cause the City to go broke as of Friday, threatening payless paydays for the workers. After the lawsuit was dismissed it came out that what Bing was really worried about was making a $34.2 million bond payment to the banks.
U.S. Bank is one of the banks, along with Chase and Bank of America (also making millions on city debt service), that criminally targeted Detroit by selling racist, fraudulent, predatory loans to over 80% of the people taking out mortgages or refinancing. This directly led to the foreclosure crisis that destroyed the tax base of Detroit and drove hundreds of thousands of people from the city.
U.S. Bank is now being sued by the National Fair Housing Alliance and others for racist practices across the country. The lawsuit charges “As a result of [U.S. Bank’s] discriminatory conduct, municipalities, individuals and homeowners … have been (a) subject to deteriorating and dilapidated living conditions in their neighborhoods, (b) denied opportunities for neighborhood stabilization and economic recovery, and (c) harmed in their home investments because of [U.S. Bank’s] efforts to unnecessarily depress the property value…” (Statement in support of complaint).
DETROIT IS NOT BROKE!!! The City is being robbed by the banks. Snyder’s Financial Review Team report (March 26, 2012) says “While the general fund had an operating surplus (i.e. revenues in excess of expenditures) of $150,077,184, net transfers out of the general fund of $206,947,605 resulted in a negative net change…of $56,870,421” (p.7). “Most of the outgoing transfers … were made for debt service…” (pp.5-6).
The demonstration Friday will demand:
SAY NO! to service cuts – STOP PAYING THE BANKS WHO DESTROYED OUR NEIGHBORHOODS
SAY NO! TO CITY LAY-OFFS - STOP PAYING THE BANKS WHO DESTROYED OUR CITY
SAY NO! to UNION BUSTING - STOP PAYING THE CRIMINAL BANKS
Say NO! to the dictatorship of banks over Detroit and and Governor Snyder and Mayor Bing’s destroying the City of Detroit on behalf of the financial institutions.
Called by Moratorium NOW! Coalition to Stop Foreclosures, Evictions & Utility Shut-offs