Michigan judge rules Detroit bankruptcy violates state constitution
I guess this “judge” expect the city to create money out of thin air.
And she’s gonna tell on us. LOL
She’s gonna get swept aside.
Contractual obligations go out of the window in Federal Bankruptcy Court. GM had contractual obligations to bondholders which evaporated 5 years ago in bankruptcy court.
Judges cant change a bankrupt city into a solvent one with a ruling, through legal alchemy. Regardless of legal status, Detroit is still broke, and pensioners can be assured that they will be too.
A wise Latina?
You can’t get blood from a stone.
(unless you hit someone on the head with it)
"It's cheating sir, and it's cheating good people who work," Aquilina told assistant state Attorney General Brian Devlin. "It's also not honoring the [United States] president, who took [Detroit automakers] out of bankruptcy."
Really? What does it matter what any Judge rules. The fact is the place is a shit hole and has been bankrupt for many years and will never, let me repeat that, NEVER be solvent. Do the bankruptcy and move on.
It’s interesting how a judge will read “shall not be diminished or impaired” one way here but “shall not be infringed” a completely different way somewhere else.
Under normal circumstances, what you have accrued means what you have accrued to date. Some judge a long time ago in CA deemed that to mean whatever your contract said you WILL accrue and that is what the unions there base their claims on.
They all need to go to a defined contribution plan, but the unions would rather bankrupt the country first.
One can find a “Goofy Judge” to block anything.
And I thought it was just racists.
Bimbos come in back robes too.
Remember the “supreme” court.
The day is soon when we tell these undereducated minions to shove it.
Words mean things. Does anyone know what part of the Constitution she cited in order to rule the bankruptcy “un-Constitutional?”
Apparently this judge believes it is okay to write rubber checks and they won’t bounce just because she says so. Perhaps she’s been watching Obama, Geithner and Bernanke for 5 years and believes if the federal government get away with writing checks without sufficient funds the state and local government can as well.
No matter what this “naive” judge says or does, the pension checks are going to start bouncing. That’s when the rubber will truly hit the road.
Be prepared for Obama to demand Congress compel the Pension Benefit Guaranty Corporation, set up to insure only private pensions and completely funded by insurance premiums from companies, to take on Detroit’s public worker pensions. Any Congressman who dares to oppose this taking of private property will be labeled a racist so McConnell, Boehner, McCain, Graham, and the rest will trip over themselves passing the legislation.
After the pension are taken care of by private industry, expect a push for billions to fund public works and infrastructure projects to rebuild Detroit.
The U.S. Bankruptcy Code trumps state law. It is called federal preemption, a concept most first year law students are familiar with.
Of course, since the judge is a Democrat, she only has to apply the laws that she likes when she feels like it.
She just wants to keep HER future pension safe.