Sharon McPhail is kind of crazy. We know that because this is a woman who once claimed that Kwame Kilpatrick's henchmen tried to rewire her electric chair massager to electrocute the then-City Councilwoman. Then, after working for the mayor she claimed tried to zap her, she denied ever making such allegations.
But even nutso perennial candidates can be right every once in a while and, turns out, Sharon McPhail was right about the city's 2005 too-slick-by-half pension financing deal.
Detroit News: She was a vocal opponent of the deal and renewed her criticism in a court filing Monday.
“The process reminded me of mortgage predatory lending, where unsophisticated homeowners were placed in exotic mortgage loans, assured there was no risk involved, and then lost their homes when the housing bubble burst,” McPhail wrote.
Opponents of a plan to borrow money to pay a nine-figure termination fee to end the pension financing deal want McPhail to testify about the goings-on back when the arrangement was crafted.
Detroit News: Under Orr’s proposal, Detroit would pay UBS and Bank of America about 75 cents on the dollar while pensioners could be paid as little as 20 cents on the dollar.
City attorneys are attempting to block McPhail's testimony because they say she hasn't made herself available for depositions and attorneys for a retired city worker objecting to Orr's plan missed a filing deadline.
