Abayomi Azikiwe, editor of the Pan-African News Wire, outside the federal courthouse in Detroit during the second session of the bank-imposed bankruptcy on the nation's largest African American municipality. This hearing took place on August 2, 2013., a photo by Pan-African News Wire File Photos on Flickr.
To listen to this Black Agenda Report radio broadcast featuring Abayomi Azikiwe, editor of the Pan-African News Wire, just click on the website below:
A federal bankruptcy judge’s ruling could allow bankers and corporations to “go after pension funds around the United States,” said Abayomi Azikiwe, Detroit community activist and editor of the Pan African News Wire.
Judge Steven Rhodes ruled that retiree pensions deserve no more protection than any other creditors in his eligibility ruling on December 3 in Detroit.
“We’re talking about hundreds of billions of dollars, if not trillions, that are tied up in these pension funds across the United States,” said Abayomi.
Azikiwe has been involved with the Moratorium NOW! Coalition which is challenging the legitimacy of the bankruptcy and the attacks on pension funds, public assets and municipal jobs.
A trial to provide further funding for UBS and Bank of America began on December 17. The case was adjourned after Atty. Jerome Goldberg questioned Kenneth Buckfire on the impact of predatory lending on the financial crisis in the city.
Another bad deal was negotiated between the bankers and the state-imposed emergency manager on December 24.
The bankruptcy judge, Stephen Rhodes, must approve or deny the arrangement to allow Barclays bank to pay off the Bank of America and UBS swaps leaving the city's residents with another financial burden that will capture income and casino tax revenues for years after the exit from bankruptcy.
Moratorium NOW! has called for the cancellation of the debt to all banks which were instrumental in the economic destruction of Detroit.
The city has the largest per capita African American population in the United States.