With Detroit’s finances looking increasingly dire, the city’s creditors are beginning to face off with one another, each trying to minimize their losses. The city’s pension fund, which supports retired city workers, has found itself in direct conflict with a formidable opponent, the bondholders, individuals and institutions that gave the city money in order to enjoy the interest on the loan.
The New York Times, many of the city’s retirees are already in poverty, which is becoming the new norm for retirees among the 99% across the country. And as the president of one of the affected unions correctly pointed out: “This is on their [bondholders] balance sheets. But this is our lives.”
"Times New Roman";mso-bidi-font-family:Arial;color:black”>Ann Robertson is a Lecturer at San Francisco State University and a member of the California Faculty Association. Bill Leumer is a member of the International Brotherhood of Teamsters, Local 853 (ret.). Both are writers for Workers Action and may be reached at [email protected].