Why Isn't Detroit's Emergency Financial Manager Talking About Reclaiming The $5B Caused by UBS LIBOR Manipulation?

Unfortunately, these are not ordinary times. Three days before Kevyn Orr was appointed Emergency Financial Manager by the Michigan Department of Treasury, the City of Detroit under pressure from Rick Snyder hired Orr's former employer, Jones Day to represent them in it's restructuring. Jones Day also represents JPMorgan Chase, Bank of America and UBS. The three banks involved in structuring at least nearly a dozen bond sales for the City of Detroit since 2005. This means if the city wants to sue these banks for fraud and other issues revolving around the rigging of the LIBOR Index, they will have to hire another law firm to represent them.