Vote 'No' on the Plan of Adjustment: Detroit Retirees to Hold Press Conference, Friday May 16, 4:00 p.m.
Retirees’ Press Conference
Friday, May 16, 4:00 p.m.
Outside Federal Courthouse
231 W. Lafayette, Downtown Detroit
Contact: David Sole at (313) 680-5508
City of Detroit Retirees Condemn “Grand Theft Pension” – Urge “VOTE NO!”
The Stop Theft of Our Pensions Committee urges pensioners to “VOTE
NO!” to the “Grand Theft Pension Bargain”. There is no reason for even
one penny of pensions to be stolen for this bankruptcy.
Here’s why:
The Michigan Municipal League reported in March 2014 that the State of
Michigan illegally kept $6.2 billion of revenue sharing funds from
cities across the state. This includes $732 million kept from Detroit.
Over $120 million of Detroit funds were looted from the treasury to
pay for “professional fees” of consultants and lawyers who only sought
to enrich themselves.
The biggest banks are paying tens of billions of dollars in fines to
the Federal government for their criminal, fraudulent and racist
mortgage scams that led directly to over 100,000 foreclosures in
Detroit from 2005 – 2012.
Reparations should be paid Detroit from these funds.
The banks that foreclosed on so many homes have refused to pay
property taxes to the city – to the tune of around $50 million a year
for the past 7 years. Go after the banks for these unpaid taxes.
Detroit should be going after the biggest banks that swindled the city
with high interest “bond swaps.” Instead of paying Bank of America and
UBS $85 million, EM Orr and Judge Rhodes ought to have gone after them
to recover $300 million in excessive interest, fees and termination
penalties already paid out.
Governor Snyder and other high officials refused to use $500 million
of federal funds that were supposed to “Help Hardest Hit Homeowners.”
Instead they sat on these funds and now are outrageously handing tens
of millions to their rich friends to tear down the same houses they
were supposed to save. The remaining funds should be used to hire and
train youth in Detroit to refurbish homes across the city.
The “Grand Bargain” documents admit that the funds set aside for
health care (already slashed to the bone as of March 1, 2014) will not
be enough to maintain these benefits.
There is no guarantee that the funding promised by the State and the
charitable foundations will be paid now or in the future. If they fail
to come up with their share, pensions will be cut even further. State
funding also will require that Detroit be under a colonial dictator
for the next 20 years, further destroying our democratic rights.
It is unfortunate that some officials and groups feel it necessary to
accept the “lesser evil” choice just at the time that retirees around
the country are waking up to the danger the Detroit bankruptcy case
holds for all public pension funds. The California Public Employee
Retirement System, AARP, the Texas Public Employee Retirement System
and the National Conference of Public Employee Retirement Systems have
all recently filed amicus briefs in the constitutional appeals. Now is
the time for a broad national fightback to demand “Make the Banks Pay!
Not Retirees.”
The Stop Theft of Our Pensions Committee is calling for a national
mobilization of active and retired workers, unions and retiree
associations in Detroit at the start of the bankruptcy trial set for
July 24. Weekly demonstrations are held every Friday at 4:00 P.M.
outside the Federal Courthouse (231 W. Lafayette St.) called “Freedom
Fridays” to protest all the proposed cuts and denial of democratic
rights.
Activist retirees in the Stop Theft of Our Pensions Committee are
demanding that the Pension Boards, unions and retiree associations
convene mass meetings to allow a full discussion of this rotten Grand
Theft. Retirees must be mobilized to fight in the courts and in the
streets for our rights to our deferred income called pensions – for
security in our retirement. Human beings must be placed above greedy
bankers, insurance companies and other corporate interests.
Tens of thousands of City of Detroit retirees and their survivors have
been sent ballots this week to vote on an unacceptable “Grand Bargain”
that either way will cause severe hardship to most of them. Pensioners
are being pressed to vote “Yes” and agree to cuts to our monthly
benefits amounting to about 30% - on top of medical, dental and vision
cuts already forced on us. A “yes” gives up the legal appeals on the
constitutionality of the Emergency Manager Law and the issue of the
Michigan Constitution’s specific protection of public pensions.
Retirees are threatened that a “no” vote will result in much deeper
cuts. The many pages of legalese details enclosed with the ballots
will add to the confusion and terror accompanying either choice. The
ballots will be counted by a firm in California selected by the same
Emergency Dictator pushing these cuts. A mass movement can defeat
these schemes.
 |
| Mass demonstration outside the federal bankruptcy court in Detroit. |
Friday, May 16, 4:00 p.m.
Outside Federal Courthouse
231 W. Lafayette, Downtown Detroit
Contact: David Sole at (313) 680-5508
City of Detroit Retirees Condemn “Grand Theft Pension” – Urge “VOTE NO!”
The Stop Theft of Our Pensions Committee urges pensioners to “VOTE
NO!” to the “Grand Theft Pension Bargain”. There is no reason for even
one penny of pensions to be stolen for this bankruptcy.
Here’s why:
The Michigan Municipal League reported in March 2014 that the State of
Michigan illegally kept $6.2 billion of revenue sharing funds from
cities across the state. This includes $732 million kept from Detroit.
Over $120 million of Detroit funds were looted from the treasury to
pay for “professional fees” of consultants and lawyers who only sought
to enrich themselves.
The biggest banks are paying tens of billions of dollars in fines to
the Federal government for their criminal, fraudulent and racist
mortgage scams that led directly to over 100,000 foreclosures in
Detroit from 2005 – 2012.
Reparations should be paid Detroit from these funds.
The banks that foreclosed on so many homes have refused to pay
property taxes to the city – to the tune of around $50 million a year
for the past 7 years. Go after the banks for these unpaid taxes.
Detroit should be going after the biggest banks that swindled the city
with high interest “bond swaps.” Instead of paying Bank of America and
UBS $85 million, EM Orr and Judge Rhodes ought to have gone after them
to recover $300 million in excessive interest, fees and termination
penalties already paid out.
Governor Snyder and other high officials refused to use $500 million
of federal funds that were supposed to “Help Hardest Hit Homeowners.”
Instead they sat on these funds and now are outrageously handing tens
of millions to their rich friends to tear down the same houses they
were supposed to save. The remaining funds should be used to hire and
train youth in Detroit to refurbish homes across the city.
The “Grand Bargain” documents admit that the funds set aside for
health care (already slashed to the bone as of March 1, 2014) will not
be enough to maintain these benefits.
There is no guarantee that the funding promised by the State and the
charitable foundations will be paid now or in the future. If they fail
to come up with their share, pensions will be cut even further. State
funding also will require that Detroit be under a colonial dictator
for the next 20 years, further destroying our democratic rights.
It is unfortunate that some officials and groups feel it necessary to
accept the “lesser evil” choice just at the time that retirees around
the country are waking up to the danger the Detroit bankruptcy case
holds for all public pension funds. The California Public Employee
Retirement System, AARP, the Texas Public Employee Retirement System
and the National Conference of Public Employee Retirement Systems have
all recently filed amicus briefs in the constitutional appeals. Now is
the time for a broad national fightback to demand “Make the Banks Pay!
Not Retirees.”
The Stop Theft of Our Pensions Committee is calling for a national
mobilization of active and retired workers, unions and retiree
associations in Detroit at the start of the bankruptcy trial set for
July 24. Weekly demonstrations are held every Friday at 4:00 P.M.
outside the Federal Courthouse (231 W. Lafayette St.) called “Freedom
Fridays” to protest all the proposed cuts and denial of democratic
rights.
Activist retirees in the Stop Theft of Our Pensions Committee are
demanding that the Pension Boards, unions and retiree associations
convene mass meetings to allow a full discussion of this rotten Grand
Theft. Retirees must be mobilized to fight in the courts and in the
streets for our rights to our deferred income called pensions – for
security in our retirement. Human beings must be placed above greedy
bankers, insurance companies and other corporate interests.
Tens of thousands of City of Detroit retirees and their survivors have
been sent ballots this week to vote on an unacceptable “Grand Bargain”
that either way will cause severe hardship to most of them. Pensioners
are being pressed to vote “Yes” and agree to cuts to our monthly
benefits amounting to about 30% - on top of medical, dental and vision
cuts already forced on us. A “yes” gives up the legal appeals on the
constitutionality of the Emergency Manager Law and the issue of the
Michigan Constitution’s specific protection of public pensions.
Retirees are threatened that a “no” vote will result in much deeper
cuts. The many pages of legalese details enclosed with the ballots
will add to the confusion and terror accompanying either choice. The
ballots will be counted by a firm in California selected by the same
Emergency Dictator pushing these cuts. A mass movement can defeat
these schemes.
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