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Just three days before Kevyn Orr, the emergency manager appointed by Michigan Governor Rick Snyder to run the fiscally strapped city, filed thelargest municipal bankruptcy case in history, he signed a forbearance agreement with UBS and Bank of America/Merrill Lynch establishing a process to settle possible claims on default of $800 million of interest rate swaps.
Some of Dr. Martin Luther King Jr.'s dreams have certainly come true. But when it comes to closing the economic gap between black and white Americans, we've got a long way to go.
Monday is the national holiday honoring Martin Luther King Jr., and Tuesday marks the fourth anniversary ofCitizens United, the case that dramatically widened the flood of big money in elections. Their confluence is opportune, for while each seems to invite reflection on a different core social problem—respectively racial inequality and the power of concentrated wealth—each teaches lessons relevant to the other.
Just three days before Kevyn Orr, the Emergency Manger appointed by Michigan Governor Snyder to run the fiscally strapped City, filed the largest municipal bankruptcy case in history, he signed a Forbearance Agreement with UBS and Bank of America/Merrill Lynch establishing a process to settle possible claims on default of $800 million of interest rate swaps.
Over the past four decades, business leaders have adroitly used that great American right, freedom of association, to advance their interests. They have banded together through groups like the U.S. Chamber of Commerce, the National Federal of Independent Businesses, and the Business Roundtable to create a unified front on a range of issues -- pooling hundreds of millions of dollars annually in membership dues for lobbying and advocacy. Beyond this, every last business sector in America has created its own trade association to push their particular interests.