The Detroit City Council on Tuesday approved a controversial contract to restructure the city's debt, despite a protest that temporarily shut down the meeting, Reuters reported yesterday. In a 5 to 2 vote, the council approved a six-month, $3.4 million contract to hire the Jones Day law firm, the former employer of Emergency Manager Kevyn Orr, to help negotiate agreements with creditors. Under Michigan law, Orr has the final say on contracts for the cash-strapped city. Among the concerns raised about the contract was perceived conflicts of interest. Protesters said that Jones Day's clients include big banks that are Detroit creditors and stand to lose a lot of money under bankruptcy or a settlement.
