This article first appeared at TheNewAmerican.com on Monday, November 10, 2014:
The party began immediately after bankruptcy Judge Steven Rhodes approved the plan to get Detroit out of bankruptcy last Friday. Rod Meloni, a local journalist who has been following Detroit’s woes from the beginning, was there:
There was nothing short of a party atmosphere around the federal courthouse….
Attorneys hugged, shook hands, slapped backs, promised to get together soon and said goodbye.
The only thing missing was the signing of yearbooks!
This was evidence of the rule that no matter who takes a haircut in a bankruptcy, the attorneys always get paid first, one hundred cents on the dollar. As of October 2013, those fees had mounted to