Wednesday, April 3, 2013

Emergency manager’s ex-law firm hired to oversee Detroit restructuring

Emergency manager’s ex-law firm hired to oversee Detroit restructuring

Jones Day is an international law firm founded in Cleveland in 1893 with a reported revenue of $1.6 billion in 2011. It is well known throughout its history for representing the interests of the corporate-financial elite. Its list of clients includes Bank of America, Lehman Brothers Holdings Inc. and Citigroup. The firm boasts on its website—in the article announcing Orr’s new position, no less—that it “acts as principal outside counsel to, or provides significant legal representation for, approximately half of the Fortune 500, Fortune Global 500, and FT Global 500.”

The firm also has direct ties to the Democratic Party. They gave more than $190,000 to finance Barack Obama’s campaign in 2011-2012 and gave nearly $120,000 to the DNC Services Corp, a PAC for the Democratic Party. They also contributed to the Republican Party, giving presidential candidate Mitt Romney nearly $129,000 for his election campaign.

No comments: