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Peters Profits from Detroit Water


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peters-profits-from-detroit-waterFree Beacon:

Michigan Democrat Gary Peters has earned thousands of dollars from the Detroit water system that has been attacked by many on the left for cutting off water to struggling residents.

 

Peters, a three-term congressman, has invested between $15,001 and $50,000 in Detroit Water Supply bonds through a trust fund. Those bonds netted him between $1,001 and $2,500 in 2013, according to his most recent campaign finance disclosure, and will earn him thousands more by the time the bonds mature in 2029.

 

The utility began shutting down water to residents who were behind on their bills in the midst of the record-setting municipal bankruptcy. The city instituted a brief moratorium on shutoffs that kept the water on for all residents. That moratorium ended Monday night, meaning that the city could begin shutting down service to homes that failed to pay 10 percent on their outstanding balance, though some have received an extension until Thursday.Scissors-32x32.png


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