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2024-03-28T18:16:56Z
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Class Warfare in Detroit
https://www.theblacklist.net/profiles/blogs/class-warfare-in-detroit
2013-12-06T14:56:56.000Z
2013-12-06T14:56:56.000Z
Junious Ricardo Stanton
https://www.theblacklist.net/members/JuniousRicardoStanton
<div><p><b> From The Ramparts</b></p><p><b> </b>Junious Ricardo Stanton</p><p> <b>Class Warfare in Detroit</b></p><p> </p><p><i>“As part of the bankruptcy process officials hope to enact significant cuts to the benefits of 21,000 retired public employees. For perspective, the average public pension beneficiary in Detroit gets about $19,000 per year, and most aren’t eligible for Social Security. The city is paying the price for years of underfunding its pension system. It also overestimated the rate of return it would receive by investing the fund, and is facing an investigation over accusations that corrupt officials made investment choices in exchange for kickbacks. But it is the workers who will face the consequences of their leaders’ incompetence.”</i> POSTED JULY 24, 2013 IN <a href="http://blogs.lawyers.com/category/government/">GOVERNMENT</a> <a href="http://blogs.lawyers.com/category/your-job-the-law/">YOUR JOB & THE LAW</a> <a href="http://blogs.lawyers.com/category/your-money-the-law/">YOUR MONEY & THE LAW</a> BY <a href="http://blogs.lawyers.com/author/kasea/">AARON KASE</a> <a href="http://blogs.lawyers.com/2013/07/detroit-bankruptcy-robs-pension-benefits/">http://blogs.lawyers.com/2013/07/detroit-bankruptcy-robs-pension-benefits/</a></p><p> </p><p>Keep your eyes on the city of Detroit. The Motor City, “Motown” as most of us know it is about to take a devastating hit. Detroit is the new battleground of the ongoing class war in the US whereby the one percent gouges the ninety-nine percent and treats this once great city like a third world nation. </p><p>Detroit is not alone facing fiscal challenges. Its difficulties are the result of numerous factors but the corporate media is spinning Detroit’s problems as the result of corruption during forty years of black political leadership as if corruption started when blacks gained control of city hall!? This is merely a disingenuous distraction to keep folks from realizing who the real culprits behind Detroit’s unraveling are. Yes there was political corruption, municipal and fiscal mismanagement; but the overarching culprits responsible for Detroit’s decline lie far from Detroit.</p><p> While the spin apparatus does admit to deindustrialization and white flight; they fail to point out that deindustrialization was the result of decisions made at the highest levels of capital/banking and the federal government who are their puppets. When discussing Detroit’s woes, the media never mentions NAFTA or GATT the legislation pushed by Bill Clinton and his successors. NAFTA and GATT were touted as the vehicles for greater economic growth and prosperity here in the US. But that legislation really was the mechanism for outsourcing US jobs overseas. Those bills paved the way for massive and far reaching corporate imperialism better known as Globalization.</p><p> Globalization is the rapacious monster that is devouring the US economy. Globalization was fueled by international capitalists who wanted to make even more money but at the expense of the developed world’s working class. They bribed US politicians (with political campaign funds and perks) to go along with their nefarious program/scheme. Globalization meant increasing their attacks on and undermining US trade unions and organized labor which had been going on since the Reagan era. Remember the Air Traffic Controllers Union and what Reagan did to them? Remember how no other major unions not even the supposedly super bad Teamsters came to their aid? Well now the chickens have come home to roost. </p><p>Ultimately Globalization meant consolidation of capital and turning the banking and financial centers of Wall Street, London and Brussels into multinational casinos. They exported fraud and trillion dollar hyper leveraged Ponzi schemes around the world. Ultimately the weight of this fraud collapsed the whole system. The 2008 global economic implosion was caused by fraudulent banksters and the fallout is impacting cites like Detroit. It is still impacting home owners around the country as their homes are underwater or in a zombie state where the house is worth far less than the money they owe.</p><p> Due to corporate media disinformation and disingenuousness most people don’t realize the Wall Street bailout gave the investment banks a reprieve (they are still insolvent) but the collapse is still causing hardships on ordinary homeowners, Main Street, municipalities, counties and states in the US and countries in Europe and Asia.</p><p>During the past few decades Detroit experienced a massive loss of residents, sociologists call white flight. This exodus was the result of the corporations deciding to move jobs from the city’s core to the suburbs (and subsequently overseas). Meanwhile there was a simultaneous the influx of people of color into Detroit seeking a better life through factory employment they thought was going to be there when they arrived. When the jobs moved to the suburbs, blacks were not able to reach them and with deindustrialization came rampant unemployment which sounded the death knell for Detroit’s tax base. But the corporate media doesn’t tell this story.</p><p>Detroit’s woes like many communities both urban and rural were caused by: deindustrialization, a dwindling tax base, black and white middle class flight, lack of jobs, as well as mismanagement and corruption. Within the heart of this situation lies the palm print of the international banksters and their corporate and government cronies. Yet the media makes it appear the unions are at fault or that poor people caused the bottom to fall out when it was decisions made in the corporate suites,Wall Street, the state house and city hall that caused and exacerbated these problems.</p><p>When Detroit’s fiscal situation became problematic, the governor of the state of Michigan used the situation to take over the city. He had already done the same thing in a few smaller towns facing the same problems. Several months ago Detroit under a state imposed “emergency manager” made history by being the first major city to file for Chapter 9 Bankruptcy. Keep in mind the residents and citizens of Detroit did not vote to have the state of Michigan take over their city. In fact they overwhelmingly voted against the referendum supporting the take over! In March of this year Michigan Governor Rick Snyder appointed Kevyn Orr a Washington D.C. bankruptcy attorney as emergency manager. Obviously government of, by and for the people did not apply in Detroit’s case.</p><p> Orr assumed the fiscal oversight and operations of the city. The mayor and council have been reduced to figure heads. Orr after a review of the city’s finances announced the municipality was “insolvent”; meaning it didn’t have the cash on hand or revenues to pay its operational bills or creditors. Unions claim the figures are inaccurate and the city failed to negotiate with them in good faith.</p><p>Orr conducted an audit and found (according to sources) the city’s pension fund lost $125 million on bad real estate deals. In addition to decisions by mayors, comptrollers and business managers not to adequately fund the pension funds to cover promised benefits, Detroit’s pension funds also lost money on real estate investments! Detroit is being ravaged by the banks and the one percent crowd. As Detroit looks down the barrel of protracted bankruptcy negotiations and litigation, it is the little people: the workers, retired pensioners and the poor who are left in the city who will be hurt the most. This is class warfare at its worst.</p><p>Detroit at one time was the fourth largest city in the country home to a vibrant manufacturing base including the auto industry and related manufacturing. Detroit like most US cities is suffering from deindustrialization, dislocation, outsourcing, government policies and international treaties that allowed US corporations to send jobs overseas to places where labor costs are far cheaper. Yet it is the workers, the unions and black politicians that are being demonized and blamed for the crisis by the media. Nothing is said about role the banks and hedge funds played in the city’s pension fund losses on real estate investments ($125 million). To add insult to injury the city fathers made the decision not to fund the pensions adequately. This means that even if Detroit wasn’t on the brink of insolvency, their pension funds still would not have enough money to pay for the pension and health benefits of their pensioners.</p><p> Detroit is an example of the class warfare raging in this country and globally because Detroit is not the only city where the decision was made to underfund the workers pensions. Over 100 public pension funds around the country are underfunded collectively to the tune of trillions of dollars! Not only that, pension fund managers seeking higher returns on their members’ investments (the city and the employees contributed to the pension funds) invested in Wall Street and Hedge Funds and got burned when the bottom fell out in 2007-2008. So now not only are the pension funds underfunded, they lost billions during the financial implosion of 2008 due to the out and out white collar fraud and malfeasance by the banksters! Yet not one Wall Street investment banker, not one hedge fund manager, not one bond rating company official has been arrested, prosecuted, let alone gone to jail. Now these white collar jackals and vultures are lining up to fleece Detroit and take advantage of the bankruptcy to get their blood money. Meanwhile city services are being cut or eliminated, police and fire personnel are being laid off and pensioners may have their benefits severely cut.</p><p>Keep your eye on Detroit. The same thing is happening there that happened in Europe, the banks and their government flunkies are imposing austerity measures on the masses just so the banksters and corporations get their money. But the people are getting fleeced. The fix seems to be in and other state and local governments are watching Detroit drooling over the prospects of getting out from under their severely underfunded pension obligations via bankruptcy. Doing so means more workers and retirees will be fleeced of their promised benefits. This means the already shaky stander of living will go down even further and the income gaps and wealth inequality will widen even more.</p><p>Oh by the way this is not the first time this has happened in the US. The US steel industry, the airlines and auto industry CEOs and shareholders did the same thing but the Pension Benefit Guarantee Corporation picked up the tab for the worker’s pensions while they walked away Scott free. No such entity exists for public workers. Only the already overburdened US taxpayers can bail out the pension funds and that’s not likely to happen. This is class war in America and working class folks are losing!</p><p> </p><p> -30-</p><p> </p><p><b> </b></p></div>
I Hate To Say It But I Told You So
https://www.theblacklist.net/profiles/blogs/i-hate-to-say-it-but-i-told-you-so
2013-04-04T16:15:31.000Z
2013-04-04T16:15:31.000Z
Junious Ricardo Stanton
https://www.theblacklist.net/members/JuniousRicardoStanton
<div><p>From The Ramparts Junious Ricardo Stanton</p><p>I Hate To Say This, But I Told You So</p><p>“For years now I’ve been telling you how the Kleptocrats were plotting to bankrupt this country, steal all our wealth and reduce us to peons, serfs and slaves. The housing boom and bust crisis is one example, the economic collapse, spending our tax money on no win wars, the deliberate under funding of pensions and the planned cutbacks on social programs are how they are doing it. Stop and think about this for a minute, what is the statistical probability that all the states would be trillions of dollars in debt, their pension funds massively under funded and the social safety nets depended on by the most vulnerable in such jeopardy if it wasn’t by design? Now stop and ponder this; is it a coincidence that if the states are allowed belly up and declare bankruptcy, their first priority is going to be to pay the bond holders, the 1 or 2 % of the population who are already rich who can afford to invest but not pay the people/workers their pensions and benefits?” Fiscally Challenged States Trying to Weasel Out of Their Obligations by Junious Ricardo Stanton <a href="http://www.seeingblack.com/board/viewtopic.php?t=6558">http://www.seeingblack.com/board/viewtopic.php?t=6558</a></p><p>In January of 2011 I wrote a piece entitled Fiscally Challenged States Trying To Weasel Out of Their Obligations that was distributed to several Internet portals, E-groups and newspapers in which I stated US cities, counties and municipalities were seeking ways to file for bankruptcy to get out from under their financial obligations such as pensions, social services and bond interest payments. Keep in mind at that time governments filing for bankruptcy was a novelty. Well the city of Stockton California was just granted permission by the court to file bankruptcy.</p><p>“A federal judge on Monday approved the city of Stockton's petition for bankruptcy in a case that sets the stage for a lengthy battle between bondholders and the California pension system. In a case being studied by other cash-strapped American cities including Detroit, U.S. Bankruptcy Court Judge Christopher Klein's decision was a setback for bondholders and insurers who had resisted the California city's bankruptcy filing. Stockton is the largest U.S. city ever to file for bankruptcy. The judge also signaled that the California Public Employees Retirement System's position in the case was not above review. Stockton, a city of 300,000, has so far not reduced pension payments to retired city workers, although it has eliminated retiree healthcare benefits.” Court says city of Stockton, California may proceed with bankruptcy By Jonathan Weber Reuters News</p><p>Stockton is not the first it is just the largest so far to do so. Look for this trend to escalate as more and more municipalities, counties and states face fiscal challenges and budgetary shortfalls in the trillions of dollars. This means as we’ve seen around the world in places like Greece, Spain and Italy is the bankers, bond holders and uber rich will get theirs while the masses will be forced to give up their pensions, health and welfare benefits and possibly if what is happening on the island of Cyprus expands; their savings. “Municipal bankruptcies have historically been rare, but troubled American cities increasingly see it as an option as they struggle with big debt loads, shrinking tax bases and massive pension and healthcare obligations. The California city of San Bernardino has also filed for bankruptcy, and some expect the city of Detroit, Michigan eventually to surpass Stockton as the biggest U.S. city to file for bankruptcy. In the Stockton case, attorneys for bond insurers, who could potentially be forced to absorb major losses in a bankruptcy, argued the city could have done more to cut costs and raise revenues. The bondholders, who are not being paid in full under the city's interim operating plan, have also argued that pension payments made to the California Public Employees Retirement System (Calpers) should be slashed.” Stockton ruling seen key to U.S. cities' bankruptcy options <a href="http://www.reuters.com/article/2013/03/31/us-stockton-bankruptcy-idUSBRE92U09Q20130331">http://www.reuters.com/article/2013/03/31/us-stockton-bankruptcy-idUSBRE92U09Q20130331</a></p><p>Do you notice a global pattern, the bankers (shysters, loan sharks and money changers) always win, (except in Iceland). The outcomes in Stockton, Detroit and any other major cities which choose or are allowed to file bankruptcy it will be the bond holders and bankers who get theirs first while the masses are forced into austerity and deep poverty. Keep in mind these cities are in deep trouble not just due to the political good ol boy network, mismanagement and fiscal irresponsibility, they are facing catastrophe because they bought into the get rich quick high return on investment schemes and the Wall Street derivatives mumbo gumbo.</p><p>“Detroit is also facing a payment of between $350 million and $400 million on toxic derivatives contracts which were sold to the city over recent years as the mayor and council struggled to avoid bankruptcy. Detroit had issued floating-rate bonds, but then with great folly decided to swap these for fixed rate instruments. When interest rates declined, the city did not reap the benefit of having to pay less debt service. Many US municipalities, ranging from the Metropolitan Water District of Southern California to Harvard University in Cambridge, Massachusetts have had to pay billions of dollars to zombie banks to get out of interest rate swaps gone sour.” <a href="http://www.presstv.ir/detail/2013/03/31/295923/us-citizens-facing-austerity-dictatorship/">http://www.presstv.ir/detail/2013/03/31/295923/us-citizens-facing-austerity-dictatorship/</a></p><p>US cities, towns, counties and states are in the same boat as many homeowners, college kids and foreign countries, deep in debt and the system is rigged against them in favor of the bond holders and banksters! Detroit will end up like Italy with a non elected technocrat, a puppet of the bankers, running the show. In my 2011 piece I intimated this was going to happen I said, “Given we live in a rigid color and class tiered society, if a state government has to choose between defaulting on its bonds and its pension obligations, which one do you thing will get the short stick? Here’s a hint, ‘States and cities typically make a priority of repaying their bond holders, even before paying for essential services. Standard & Poor’s issued a report this month saying that the crises that states and municipalities were facing were ‘more about tough decisions than potential defaults.’ Mounting Debts by States Stoke Fears of Crisis <a href="http://www.nytimes.com/2010/12/05/us/politics/05states">http://www.nytimes.com/2010/12/05/us/politics/05states</a>. Same goes for bonds versus health and welfare or unemployment insurance.” <a href="http://www.seeingblack.com/board/viewtopic.php?t=6558">http://www.seeingblack.com/board/viewtopic.php?t=6558</a></p><p>I also wrote in the same article, “Stop and think about this for a minute, what is the statistical probability that all the states would be trillions of dollars in debt, their pension funds massively under-funded and the social safety nets depended on by the most vulnerable in such jeopardy if it wasn’t by design? Now stop and ponder this; is it a coincidence that if the states are allowed belly up and declare bankruptcy, their first priority is going to be to pay the bond holders, the 1 or 2 % of the population who are already rich who can afford to invest but not pay the people/workers their pensions and benefits? Is that just and fair?” ibid</p><p>When Joe and Jane Sixpack finally discover they’ve been fleeced like sheep they are going to go berserk and head for their gun racks. Now do you understand why the US Department of Homeland Security is buying all those bullets, and the US Army and FEMA are opening their detention and labor camps? The government anticipates you going off after they slash your pensions, your health and welfare and they steal your savings and 401K. Look to Greece, Italy, Spain and Cyprus to see what’s coming our way. Trust me they are scheming and plotting this as we speak!</p><p>-30- </p></div>
NACA'S PROTEST AGAINST OCWEN’S ATTEMPT TO OUTSOURCE UNDERWRITING JOBS TO INDIA FOR AT-RISK AMERICAN HOMEOWNERS USING TAXPAYER FUNDS
https://www.theblacklist.net/profiles/blogs/emergency-event-alert-monday-november-19-2012-join-naca-s-protest
2012-11-16T06:00:00.000Z
2012-11-16T06:00:00.000Z
Gloria Dulan-Wilson
https://www.theblacklist.net/members/GloriaDulanWilson
<div><div id="yiv447009013"><table border="0" cellspacing="0"><tbody><tr><td style="font:inherit;" valign="top"><blockquote style="border-left:2px solid #1010ff;margin-left:5px;padding-left:5px;"><div><table border="0" cellspacing="0"><tbody><tr><td style="font:inherit;" valign="top"><div id="yiv447009013outer-wrapper"><div id="yiv447009013wrap2"><div id="yiv447009013wrap3"><div id="yiv447009013header" class="yiv447009013header yiv447009013section"><div id="yiv447009013Header1" class="yiv447009013widget yiv447009013Header"><div id="yiv447009013header-inner"><div class="yiv447009013titlewrapper"><h1 class="yiv447009013title"> </h1></div></div></div></div><div id="yiv447009013main" class="yiv447009013main yiv447009013section"><div id="yiv447009013Blog1" class="yiv447009013widget yiv447009013Blog"><div class="yiv447009013blog-posts yiv447009013hfeed"><div class="yiv447009013date-outer"><div class="yiv447009013date-posts"><div class="yiv447009013post-outer"><div class="yiv447009013post yiv447009013hentry yiv447009013uncustomized-post-template"><div id="yiv447009013post-body-2369763379546214825" class="yiv447009013post-body yiv447009013entry-content">by Gloria Dulan-Wilson<br /> <br /> Yes, you read the headlines correctly. NACA is launching a Protest to Prevent Ocwen from Sending American Jobs to India. And these aren't just any jobs. These are jobs that literally have the power of life and death over American families because they will be making decisions about mortgages and foreclosures on American homes, with little to no understanding or experience with the exigiencies or stresses American families face in the current economy; let alone the fact that they were pushed into untenable mortgages by predatory lending practices in the first place.<br /> <br /> Additionally, they're seeking to use taxpayer dollars in making the move out of the country. No doubt they haven't been paying attention to President Obama's resolve to return all domestic jobs to the United States; and to prevent any tax deduction or governmental support to businesses who take jobs out of the country. Obviously Ocwen has no interest in the fact that many of these jobs can be done efficiently, effectively by Americans right here in the United States; or perhaps they thought we weren't paying attention, now that the elections have ended. <br /> <br /> Just when you thought the banks had finally gotten the message, and were coming onboard and dealing more humanely with their clients - WE, THE PEOPLE - Ocwen tries to pull a fast one and send key positions overseas to India. Ever vigilant, NACA founder Bruce Marks has sounded the alarm and is planning a protest demonstration which will take place Monday, November 19, 2012. <br /> <br /> If you thought NACA was only about negotiating mortgages and foreclosure prevention, you're in for a major surprise. NACA not only is the best mortgage company in the US, and holds the record for the highest number of homes saved from foreclosure; NACA has no compunction about taking stands and actively going hands on, when it comes to those banks and executives who demonstrate their insensitivity to the plight of Americans who have suffered considerably from the economic downturn, massive foreclosures, and underwater mortgages on homes that were overvalued (read - overpriced). </div><div class="yiv447009013post-body yiv447009013entry-content"><br /><div style="clear:both;text-align:center;" class="yiv447009013separator"><a style="margin-left:1em;margin-right:1em;" href="http://1.bp.blogspot.com/-c-j23k44zD8/UKWha69XptI/AAAAAAAAAOw/_XJAdM9eqcA/s1600/STOP+OCWEN+FLIER-2012.jpg" target="_blank"><img border="0" src="http://1.bp.blogspot.com/-c-j23k44zD8/UKWha69XptI/AAAAAAAAAOw/_XJAdM9eqcA/s400/STOP+OCWEN+FLIER-2012.jpg" width="400" height="308" alt="STOP+OCWEN+FLIER-2012.jpg" /></a></div><i><span style="font-size:large;"><b><span style="color:#990000;"><br /></span></b></span></i> <i><span style="font-size:large;"><b><span style="color:#990000;">Come out and stand up with NACA in protesting against this travesty. STOP OCWEN FROM SENDING JOBS OVERSEAS. Monday, November 19, 10:30 AM. Free NACA Anti-Loan Shark tee shirts will be provided. Working together we can stop predators from draining our economy and from taking much-needed jobs away from the people who need it most: WE, THE PEOPLE.</span></b></span></i><br /> <span style="color:#990000;"><b>Stay Blessed &</b></span><br /> <span style="color:#990000;"><b>ECLECTICALLY BLACK</b></span><br /> <span style="color:#990000;"><b>Gloria Dulan-Wilson</b></span><br /> <b><br /></b> <b> NACA PROTESTS OCWEN’S OUTSOURCING UNDERWRITING JOBS TO INDIA FOR AT-RISK AMERICAN HOMEOWNERS USING TAXPAYER FUNDS</b><br /> <span style="color:#660000;"><b><br /></b></span> <span style="color:#660000;"><b>WHAT: NACA and Homeowners attend court hearing on Ocwen’s acquisition of Ally, Inc.</b></span> <br /> <span style="color:#660000;"><b>WHY: OCWEN the 5th largest servicer uses taxpayer dollars to fund underwriting and servicing jobs in India that should be done by Americans. </b></span> <br /> <span style="color:#660000;"><b>WHEN: Monday November 19, 2012 @ 10 A.M.</b></span><br /> <span style="color:#660000;"><b>WHERE: Bankruptcy Court, One Bowling Green, New York City, N.Y.</b></span><br /> <br /> (Boston, MA November 15, 2012) NACA and many homeowners will pack a New York City courtroom to testify and bring attention to the use of taxpayer monies in funding jobs overseas. Ocwen is one of the largest servicers in America that is funded by American taxpayers to make foreclosure decisions on American homeowners at risk of foreclosure. The servicing and underwriting decisions are not made by Americans familiar with the plight of American homeowners at-risk of losing their homes but by people located in India. <br /> <br /> Ocwen is now positioned to become the 5th largest servicer of home loans in the United States by purchasing mortgages and servicing for others. While having its executive headquarters in West Palm Beach, Florida it is incorporated in the Virgin Islands and uses India as its primary operations. Ocwen Financial Corporation won its bid to buy Ally Financial, Inc., which includes mortgage giant GMAC, owned by taxpayers after Ally received a series of taxpayer bailouts. <br /> <br /> Ocwen’s business model is to use taxpayer funds to hire low paid workers in India to determine whether to modify or foreclose on American homeowners. American homeowners say they’re frustrated when they call Ocwen for assistance. <br /> <br /> Bruce Marks, Founder & CEO of NACA, the nations’ largest non-profit and community advocacy organization blasted Ocwen’s business model. “On the heels of a national election where the outsourcing of jobs by American companies was criticized by both parties for keeping the unemployment rate high, here we have a corporation who wants to buy taxpayer owned mortgages and use taxpayer funds to create jobs overseas” said Marks. “This is about greed,” said Marks, “It is an outrage that taxpayer funds for the government’s modification program known as HAMP, are allowed to be used to hire low wage workers in India when there are so many out of work Americans who are better qualified to do this work. No overseas worker can understand and decision a loan for an American who is about to lose their home and much more.” <br /> <br /> NACA is requesting that the federal government stop payments to any company which services or underwrites mortgages for American homeowners overseas and receives taxpayer funds. In addition, Wilbur Ross, the multi-billion dollar investor, who will become a major stockholder in Ocwen; and Warren Buffet, who owns some of the underlying assets, both need to take action to stop this abuse. <br /> <br /> About NACA (NACA.com)<br /> NACA is the largest HUD certified counseling agency. It provides about 30% of the counseling in the country. It has more than 2 million members. NACA provides free housing assistance to those at risk of foreclosure by restructuring mortgages to an affordable payment and by originating low interest home loans to mainly first time home buyers. NACA has been highlighted in the national news and its CEO Bruce Marks was named Bostonian of the Year for 2007 because of his work in getting the major lenders and servicers to modify home loans for borrowers who come through NACA. See Bostonian of the Year. He has also testified in congress on numerous occasions including on September 12, 2000, being one of the only people to sound the alarm of the pending mortgage crisis. For more information go to <a href="http://www.naca.com">www.naca.com</a><br /> <a id="more" name="more"></a></div><div class="yiv447009013post-footer"><div class="yiv447009013post-footer-line yiv447009013post-footer-line-1"><span class="yiv447009013post-author yiv447009013vcard">Posted by <span class="yiv447009013fn"><a title="author profile" href="http://www.blogger.com/profile/10697937958373924179" target="_blank"><span>Gloria Dulan-Wilson</span></a></span></span> <span class="yiv447009013post-timestamp">at <a class="yiv447009013timestamp-link" title="permanent link" href="http://gloria-dulan-wilson.blogspot.com/2012/11/emergency-event-alert-monday-november.html" target="_blank">9:36 PM</a></span> <span class="yiv447009013post-icons"><span class="yiv447009013item-action"><a title="Email Post" href="http://www.blogger.com/email-post.g?blogID=8661755859413500477&postID=2369763379546214825" target="_blank"><img class="yiv447009013icon-action" alt="" src="http://img1.blogblog.com/img/icon18_email.gif" width="18" height="13" /></a></span> <span class="yiv447009013item-control yiv447009013blog-admin yiv447009013pid-893759891"><a title="Edit Post" href="http://www.blogger.com/post-edit.g?blogID=8661755859413500477&postID=2369763379546214825&from=pencil" target="_blank"><img class="yiv447009013icon-action" alt="" src="http://img2.blogblog.com/img/icon18_edit_allbkg.gif" width="18" height="18" /></a></span></span></div></div></div></div></div></div></div></div></div><div id="yiv447009013footer-wrapper"><div id="yiv447009013footer" class="yiv447009013footer yiv447009013section"><div id="yiv447009013HTML1" class="yiv447009013widget yiv447009013HTML"><h2 class="yiv447009013title">Gloria Dulan-Wilson Blog</h2><div class="yiv447009013widget-content"><strong>Gloria Dulan-Wilson New York Author, Writer & Speaker</strong> <br /> <br /> <strong>Gloria Dulan-Wilson Blog © 2009</strong> <br /> <br /> <strong>Copyright 2009 Gloria Dulan-Wilson Media, LLC</strong> <br /> <br /> <strong>Blog Creation By <a href="http://build-my-custom-blog.blogspot.com/" target="_blank">The Blogger BlogMaster</a></strong></div><span class="yiv447009013widget-item-control"><span class="yiv447009013item-control yiv447009013blog-admin"><a class="yiv447009013quickedit" title="Edit" href="http://www.blogger.com/rearrange?blogID=8661755859413500477&widgetType=HTML&widgetId=HTML1&action=editWidget&sectionId=footer" target="_blank"><img alt="" src="http://img1.blogblog.com/img/icon18_wrench_allbkg.png" width="18" height="18" /></a></span></span></div></div></div></div></div></div></td></tr></tbody></table></div></blockquote></td></tr></tbody></table></div></div>
ACTION ALERT: S.O.S. Save Inner City Broadcasting From Bankruptcy and Hostile Takeover
https://www.theblacklist.net/profiles/blogs/action-alert-s-o-s-save-inner-city-broadcasting-from-bankruptcy
2012-02-14T14:48:33.000Z
2012-02-14T14:48:33.000Z
Gloria Dulan-Wilson
https://www.theblacklist.net/members/GloriaDulanWilson
<div><p>By Gloria Dulan-Wilson</p><p>I hope I have sufficiently shocked you to attention, because there is a disaster brewing right under our noses, right in the Black family community, that has been flying low under the radar.</p><p>As a matter of fact, I and others would probably not have become aware of it had it not been announced at Rev. Jesse Jackson's Rainbow Push 15th Anniversary Wall Street Initiative, during a panel discussion on the disappearing Black media.</p><p>Talk about a shock! When James L. Winston, Executive Director and General Counsel for NABOB (National Black Owned Broadcasters), an organization of Black TV and Radio station owners, made the announcement that the venerable Inner City Broadcast Company (or System), founded by the late, great Percy Ellis Sutton, had filed for Chapter 11 Bankruptcy* in the courts, for indebtedness of over $180 million, it was though as though everyone in the room suddenly had been punched in the stomach.</p><p>And while the discussion went on to deal with other problems in the Black media, the 800 pound gorilla in the room was: <span class="font-size-3" style="font-weight:bold;"><span style="color:#ff6600;">"What are we going to do if we lose the only Black owned radio station in New York City? What happens if it falls into white hands? What happens to the Black voice of New York?"</span></span></p><p>Ken Smickle of Target Market News <span style="color:#0000ff;">(<a href="http://www.targetmarketnews.com">www.targetmarketnews.com</a>)</span>, summed it up rather succinctly: "We, as Black people, have to wake up. We have to respond in our own best interest. We are losing Black media. When we lose Black media, we're losing Black life as we know it! We're losing political, social power and economic power. We are losing the ability to be seen. When WBLS is no longer available in this town, every white person (as well as our own Black brothers and sisters worldwide) is going to think a litte (a whole lot) less of us. Every single one of you will be affected, not just them {the Sutton family} - oh, no,no,no,no,no! It's not just them; not that it "didn't work out!" or that "they did this; they didn't do that right..." <span class="font-size-3"><em><strong><span style="color:#ff6600;">No!</span></strong></em></span> It's like, "there they go!" <span style="font-family:'comic sans ms', sans-serif;"><em><strong><span class="font-size-4" style="color:#ff6600;">They is YOU, US!!!</span></strong></em></span> So it is time to act like 20th Century African Americans who know something about survival!!"</p><p>Per NABOB's James Winston, the genesis of the problem stems from 11 radio stations purchased by Pierre Sutton ten years ago for $200 million. With the current economic downturn, and the fact that Newt Gingrich, during the Bush Administration, had caused the tax incentives to be overturned, which would have made the purchases profitable, the stations became losing propositions for Inner City. Couple that with the fact that we're losing a great many of our Black Newspapers and TV stations across the nation.</p><p>As Rev. Jesse Jackson stated, <span class="font-size-3"><em><strong><span style="font-family:'arial black', 'avant garde';">the Black media is under siege.</span></strong></em></span></p><p>When asked what could be done to save the stations, particularly New York's own WLIB and WBLS, audience members suggested they contact Bill Cosby, Oprah Winfrey, Jay-Z, Don King and others who were more likely to have the financial wherewithal to help save the properties, as well as keep it in Black hands.</p><p>Others also strongly recommended that there be a change in management, once the stations were rescued, in order to avoid future problems, or the recurrence of perennial problems (don't exactly know what that means).</p><p>Producer, writer and entertainer, Verinia Taylor stated, angrily, <span style="color:#ff6600;"><em><strong>"This is a Black Icon in the community, how could he (Pierre Sutton) not inform the Black community that ICBC was having this problem. We could have had fundraisers, or lobby some of America's wealthy African American millionaires to correct this problem. Now the organization that Black people had a voice is now threatened by white racist media (ClearView, which is owned by Mitt Romney) Now you put him in a position to take out the voice we have in ICBC. To the current management don't let false pride allow you to lose our most valuable asset! See what ViaCom did to BET!"</strong></em></span></p><p>When further queried about why we were just learning about the situation, Winston further stated, <span class="font-size-3"><strong><span style="font-style:italic;color:#ff6600;">"the owners did not reach out to the Black community,"</span></strong></span> the audience vociferously responded that it was just such a situation that has caused so many Black families to lose homes and businesses. There appears to be a disconnect between them and the community - something that has to be remedied.</p><p>Others recommended that they jettison the recently purchased stations and just focus on the flagship stations of WBLS and WLIB. "If we lose them, all that Mr. Sutton worked and sacrificed for for the Black community will have gone for nothing."</p><p>So while you're finger popping, listening to your latest rap, R&B artist, or the latest information about the Black community, think about how you'll feel if you no longer have WLIB or WBLS. What kind of schmucks will we be to sit idly by and allow our institutions to be cannibalized before us. We've got a lot to do with the way this plays out, and we'd better be about it.</p><p>Anyone who is interested in assisting Inner City Broadcasting, or who may have a solution to the situation, can reach out to Mr. James Winston, President, NABOB <span class="font-size-3"><strong><span style="color:#0000ff;">jwinston@nabob.org.</span></strong></span> We must all pull together as the Black Family Community that we are.</p><p><span style="font-style:italic;">*FYI: Chapter 11 bankruptcy is intended primarily for the reorganization of businesses with heavy debt burdens, most often associated with corporations. Chapter 11 allows the debtor to propose a plan for profitability post-bankruptcy, which may include trimming costs and seeking new sources of revenue or income, while temporarily holding creditors at bay. While Chapter 11 provides more time to file a plan and the opportunity to reorganize, it is more time-consuming and costly than other forms of bankruptcy. In the Chapter 11 Process either the debtor or its creditors may file a petition for Chapter 11 bankruptcy protection. Once the petition is filed with the U.S. Bankruptcy Court, the case begins and an automatic stay of all collections actions is put into effect. This means creditors may not pursue existing or new collection activities for unpaid debts unless the court issues a modification to the stay. This provides an opportunity for the debtor to draft a reorganization plan and negotiate more feasible repayment terms without worrying about its debt obligations. After the petition is filed, the business continues about its affairs without interruption. Meanwhile, under the supervision of the bankruptcy court, the debtor turns its attention to figuring out a repayment plan for its creditors. Repayment amounts typically are much lower than the original debt totals. Throughout the case, the debtor may review its creditors' claims and make objections where it makes sense. Monthly operating reports filed by the debtor keep the court apprised of its progress. - <a href="http://www.Findlaw.com">www.Findlaw.com</a></span></p><p>During the recently held Wall Street Project conference, Rev. Jesse Jackson continually commented on the demise of Black businesses and the fact that there are no programs in place among us to come to each others' rescue when faced with the threat of financial ruin or extinction. We cannot expect others to care more about our institutions than we do.</p><p>It is up to us to develop the protocols and programs that not only shield our business from the onslaught of economic down turns, but to have the wherewithal to provide jobs,homes, assistance, guidance and support while those who have been affected put the shreds of their lives back together. That is the true strength and and measure of self-empowerment - not just buzz words and tee shirts.</p><p>It was what the <em><strong><span class="font-size-3" style="color:#ff6600;">Black United Fund of New York (BUFNY)</span></strong></em> did, before Elliott Spitzer destroyed it. And it's unfortunate that in the time since it's demise we have not seen fit to either re-establish it, or to come up with a program that does the same or more.</p><p>Kermit Eady founded BUFNY so that we would not be at the mercy of such rapacious situations. While they might not have been able to save 11 Broadcast stations, they certainly would have been able to assist InnerCity's flagship stations. Additionally, through their program, "The <em><span class="font-size-3"><strong><span style="color:#000000;">Helping Hand That Is Your Own"</span></strong></span></em> they would have been able to provide the ongoing financing so many of us are struggling to obtain via hostile banks and lending institution, because the money came from our own payroll deductible contributions. Not some outside source that wants to nickle and dime you to death and hold you hostage. </p><p>The one thing that should have come out of the Wall Street Project, as well as all the other Black oriented conferences that we attend is how to <span style="font-family:'arial black', 'avant garde';"><strong><span style="color:#ff6600;">reinstate the BLACK UNITED FUND OF NEW YORK'S</span></strong></span> principles in our own self-sufficiency. We could have regenerated our own Black economic base long ago with the $1.50 per person per week contributions into a mutual fund which is how BUFNY raised $111 million a year to help Black people - <em><strong>USING NO FEDERAL DOLLARS WHATSOEVER.</strong></em> This was all money raised by Black People for Black People - hence the slogan <em><strong><span style="color:#ff6600;">"THE HELPING HAND THAT IS OUR OWN"</span></strong></em></p><p><em>don't get me wrong - I have nothing against federal dollars - money is money - but with BUFNY, those who needed help, but fell outside the so-called federal guidelines could get the assistance they needed because they were Black and they needed it. Not because they made a nickle more or less than the criteria, or because they didn't live in a particular statistical demographic. <br /></em></p><p>With so many of our businesses, homes, educational centers media outlets facing extinction, because we are the low man on the Totem Pole (an old American Indian saying, which means on the bottom) <strong>we need to be contacting</strong> <span style="font-family:'arial black', 'avant garde';color:#993366;"><strong><span class="font-size-3">Kermit Eady and saying "where are you? We need you?"</span></strong></span></p><p>We will be monitoring the Inner City Broadcasting as they go through this challenge. However, a more pro-active outreach on the part of the family to the community is going to be required <span style="color:#993300;font-family:'arial black', 'avant garde';"><strong>NOW</strong></span> if we are to begin to stop the hemorraging that is destroying our institutions, culture and communities..</p><p><span style="font-family:impact, chicago;"><strong><span class="font-size-4" style="color:#ff6600;">NOW THAT YOU KNOW, WHAT ARE YOU GOING TO DO?</span></strong></span></p><p>Stay Blessed &</p><p>ECLECTICALLY BLACK</p><p>Gloria Dulan-Wilson</p><p>PS: I originally wrote this article 2 weeks ago. Sorry you're getting it on Valentine's Day, but what better way to show your love than to reach out to some one in our community and show them you support and care about them. We need to do that for Inner City Broadcasting Now.</p><p>Happy Valentine's Day and Much Love to All My ECLECTICALLY BLACK Brothers and Sisters - GDW</p></div>