People as far away as the United Kingdom have come forward offering donations to the bankrupt city of Detroit.
Detroit is steering thousands of city workers into 401(k)-style retirement accounts and freezing their accrued pension benefits.
A Michigan loan board has approved Detroit’s proposal for up to a $350 million loan from Barclays Capital to help pay off some pension debt.
A crucial decision that keeps Detroit in bankruptcy court and puts pensions at risk can immediately be appealed to a higher court, a judge said Monday.
“I’m 81 years old, and I need every penny that I can get, and that I do get.”
“Do I need to sell my house? Can I afford to live in a nursing home?”
“I want to say to everyone whose a resident of the city, no one is more aware of the hardship that this is going to cause to a number of different people than me,” Kevyn Orr said.
AFSCME attorney Sharon Levine says a notice of appeal has already been filed in the case.
One hundred noisy protesters marched while they awaited a judge’s decision on whether Detroit is eligible for bankruptcy.
“Orr is under cross-examination by union attorneys. He’s coming under fire for supporting cuts in retirees’ pensions …”