AB Newswire

Detroit Emergency Manager Outed by Moody's

Kevyn Orr Goes On Unprecedented Spending Spree.

 
Repost This

Detroit, MI -- (SBWIRE) -- 07/15/2013 -- In an scathing assessment of Detroit Emergency Manager Kevyn Orr's job performance, Moody's Investors Service managing director Jack Dorer described Orr's plan as "unconventional and unusual" (http://news.yahoo.com/detroit-emergency-officials-meet-pension-reps-191202068.html?bcmt=comments-postbox). The assessment by Mr. Dorer echoes the warnings about Mr. Orr's and Michigan Governor Rick Snyder's actions by the website http://www.detroit1st.com.

The website Detroit1st.com and its owner Jerome Almon warned in several national and global interviews over the past few years that the ultimate goal of placing an emergency manager over the city was to loot Detroit's treasury. Several national media outlets have reported that Mr. Orr has paid his law firm Jones Day of Washington DC $1.4 million for 6 weeks of work. According to the UPI wire service, Mr. Orr is expected to charge the city $100 million in legal fees (http://www.upi.com/Business_News/2013/07/10/Bankruptcy-could-cost-Detroit-100-million-in-legal-fees/UPI-92291373475807). The website Detroit1st.com predicted this exact scenario prior to Mr. Orr's announced plan.

The website Detroit1st.com also questions the necessity of a bankruptcy filing, citing the fact that over $10 billion available to Detroit has not been pursued. Additionally the website questions why Mr. Orr has not addressed the contracts between the city of Detroit and its 3 casinos led by MGM of Las Vegas which should have provided $1.95 billion to the city. The website notes that the revenue is still available. Mr. Almon and the website also questions how the mayor and attorney that signed the deal were not pursued by the Department of Justice (DOJ) on criminal charges considering its highly unusual content and the conflict of interest of both Mayor Dennis Archer and the attorney that worked for the city of Detroit on the deal and immediately bolted to work for MGM (http://www.prnewswire.com/news-releases/phyllis-james-joins-mgm-mirage-as-new-senior-vp-and-senior-counsel-76279357.html).

Mr. Almon is calling for a formal investigation due to the fact that former Mayor Dennis Archer now works for casino companies that built casinos at the Michigan-Ohio border that directly compete with Detroit's 3 casinos (http://www.toledoblade.com/Politics/2009/10/02/Gaming-exec-Toledo-casino-a-sure-bet.html).

In another blow to the efforts to save Detroit from bankruptcy, President Obama's Press Secretary Jay Carney stated 11 July 2013, that the President will not be intervening in the issue despite the huge national security and global economic ramifications (http://worldnewsviews.com/2013/07/11/white-house-obama-aware-of-detroits-financial-crisis). Detroit is the only major American city that sits on an international border. According to Canada's CIA, CSIS, the Detroit-Canada border is the most terrorist infested area on Earth (http://www.csis-scrs.gc.ca/prrts/trrrsm/index-eng.asp). A White House petition has been started to force President Obama to address the issue (http://wh.gov/lcGZ4).