FOR IMMEDIATE RELEASE:
MAKE THE BANKS REPAY THE DWSD FOR THE $537 MILLION THEY POCKETED ON THEIR INTEREST RATE SWINDLES.
RESTORE WATER TO ALL DETROITERS AND IMPLEMENT A REAL WATER AFFORDABILITY PLAN
GATHER AT DWSD OFFICE, FRIDAY, AUGUST 8, 2014, 725 RANDOLPH, DETROIT, 4:00 PM
MARCH TO JP MORGAN CHASE, WOODWARD AND FORT
Today’s Freedom Friday demonstration will target the role of the banks in the Detroit water crisis.
The major banks, JP Morgan Chase, Citi, UBS and Bank of America were paid $537 million on termination fees for interest rate swaps a/k/a swindles out of the $1.1 billion in DWSD bonds that were issued in 2011 and 2012 for alleged infrastructure repairs. That is more than the entire one year budget of the Detroit water department. At the same time, the poorest Detroiters will continue to be targeted for inhuman and illegal shut-offs in Mayor Duggan’s “plan”,
We will demonstrate to say: Make the banks pay bank the DWSD back for the money they pocketed based on their fraudulent activity in Detroit and nationwide. The banks should begin by covering the cost of the $43 million in residential arrearages. The DWSD must restore all those who have been shut off and implement a real water affordablity plan based on ability to pay (not more than 2% of income).