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Tag: Bankruptcy


Ann Millspaugh (CC BY-SA 2.0)

Broken Promise: Bankruptcy Judge Says Detroit Can Cut Pension Payments

In a perverse case of making the victim pay for the crime, a federal bankruptcy judge says the city of Detroit can renege on pension promises. Experts say the decision could be a template for other governments seeking to get out from under obligations.

Posted on Dec 4, 2013 READ MORE



BenjaminThompson (CC BY-SA 2.0)

New York City Opera Files for Bankruptcy

New York City Opera, known for 70 years as the “people’s opera” for its affordable tickets, revealed as much as $10 million in assets and debt in a bankruptcy petition it filed Thursday after years of declining income and a failed fundraiser.

Posted on Oct 4, 2013 READ MORE



Andrea_44 (CC BY 2.0)

Detroit’s Bankruptcy: It Took Decades of Bad Decisions

A new report by the Detroit Free Press traces more than 60 years of city government decisions that culminated in the city’s bankruptcy filing in July. It could have been avoided, and the causes aren’t quite what most people think.

Posted on Sep 16, 2013 READ MORE



CarbonNYC (CC BY 2.0)

The Insider’s Economic Dictionary: B Is for Bailout

Republicans and the financial sector sequester the economic surplus in their own hands, price their economic rents to squeeze incomes, and then criminalize poverty as if the poor vote to be poor as a matter of choice!

Posted on Aug 10, 2013 READ MORE



Flickr/Dave Linabury

Detroit and the Bankruptcy of America’s Social Contract

The geopolitical divide has become so palpable that being wealthy in America today means not having to come across anyone who isn’t.

Posted on Jul 21, 2013 READ MORE



Detroit Files for Bankruptcy, Lewis Black Messes With Texas, and More

A look at the day’s political happenings, including the closure of three Texas women’s health clinics and why President Obama is reconsidering a scheduled meeting with Vladimir Putin.

Posted on Jul 18, 2013 READ MORE



Screenshot via Media Matters

Breitbart Site Duped by Fake Paul Krugman Bankruptcy Story

A Breitbart.com editor fell hook, line and sinker for a satirical story that claimed economist Krugman had filed for personal bankruptcy after accumulating more than $7 million in debt. The New York Times columnist took to his blog to respond to the hoax Monday.

Posted on Mar 11, 2013 READ MORE



Irargerich (CC BY 2.0)

Stockton Goes Bankrupt

Stockton, Calif., a city of nearly 300,000, is slated to become the largest U.S. city ever to file for bankruptcy after the City Council approved a new budget that calls for defaulting on debt payments and slashing millions in pay and benefits for employees and retirees.

Posted on Jun 27, 2012 READ MORE



Wikimedia Commons

Alabama County Goes Really, Really Bankrupt

Hey, anyone want to bail Alabama out? More specifically, Jefferson County in the Heart of Dixie, which includes the fair city of Birmingham and is also a gobsmacking $3 billion in the hole from a botched sewer deal.

Posted on Nov 9, 2011 READ MORE



AP / Paul Chinn

Obama’s Favorite Solar Company Files Bankruptcy

Solar-cell manufacturer Solyndra, one of the first green-tech companies to win a loan guarantee from the Obama administration in 2009, announced Wednesday that it will cease operations, lay off its 1,000-plus employees and file for bankruptcy. (more)

Posted on Aug 31, 2011 READ MORE



Ruthanne Reid (CC-BY)

Borders Will Liquidate Remaining 399 Stores

How did Borders go from being the nation’s second-biggest brick-and-mortar book chain to a bitter memory? Apparently the book, music and coffee peddler, which we can only assume bankrupted plenty of mom-and-pop stores in its day, charged ahead blindly when customers went looking for better deals online. And now 11,000 people are out of a job. (more)

Posted on Jul 18, 2011 READ MORE



Flickr / respres Some rights reserved

Banks Push to Appease Regulators With Low-Ball Damage Compensation

Investigators at the United States Trustee Program, which oversees U.S. bankruptcy cases, are collecting mountains of evidence that show that banks industrywide are hurrying huge numbers of borrowers out of their homes prematurely, based on false loan repayment claims. (more)

Posted on May 15, 2011 READ MORE



Flickr / anitasarkeesian

American Apparel Uses the B-Word

Troubled clothing maker American Apparel—its racy ads and its CEO under fire—has announced that it may be forced to file for bankruptcy.

Posted on Apr 1, 2011 READ MORE


State Crises Mean New Language of Deceit

For most of history, we had undebatable definitions of words such as bailout and bankruptcy. Sadly, that’s not the case during a deficit crisis that is seeing language redefined in ideological terms.

Posted on Mar 3, 2011 READ MORE



AP / Jorge Saenz

Chilean Mine Company Goes Belly-Up

The company that owns the now-infamous mine where 33 Chileans were rescued after two months underground has agreed to liquidate its assets, avoiding bankruptcy. Much of the money will go to pay miners idled by the disaster and to compensate the government for rescue efforts.

Posted on Nov 27, 2010 READ MORE


Baldwin brothers

Website Compares Stephen Baldwin to Job, Asks for Money

Much like the biblical Job, the actor and official member of “the famous Baldwin brothers Hollywood clan” believes in God and has endured hardships. Now, although this particular Baldwin apparently hasn’t suffered from a plague of boils ... (continued)

Posted on Apr 23, 2010 READ MORE



Flickr / James Callan

BofA Back in the Black

We can all now breathe a collective sigh of relief: Bank of America has returned to quarterly profit after losing almost $200 million in the last quarter of 2009. The news comes even as home foreclosure activity hit an all-time record in March.

Posted on Apr 17, 2010 READ MORE


Schwarzenegger
http://gov.ca.gov/

And Now, the California Budget Cuts

What’s to be done about California’s budget woes? Well, Gov. Arnold Schwarzenegger is cutting way back on spending on such superfluous concerns as “health, welfare, transport and the environment,” according to the BBC. But really, this’ll hurt him more than it’ll hurt ... oh, never mind.

Posted on Jan 8, 2010 READ MORE



Flickr / Franco Folini

GM Pays Ex-CEO $8.6 Million

What exactly does an executive have to do to not get a golden parachute? Former GM CEO Rick Wagoner ran the company into the ground, and will now retire with $8.6 million for his trouble. That figure was negotiated down from the $23 million the old pre-bankrupt GM would have had to pay Wagoner. Sorry Rick, but it’s a rough economy.

Posted on Jul 15, 2009 READ MORE


ENTER_ALT_TEXT
Flickr/tahitianlime

Most Bankruptcies Caused by Medical Bills

A new study reveals that through-the-roof medical bills are the cause of more than 60 percent of bankruptcies in the U.S. From 2001 to 2007, bankruptcies associated with medical debt increased by 50 percent, and 75 percent of the families surveyed actually had health insurance.

Posted on Jun 6, 2009 READ MORE


The New GM

Share
Posted on Jun 3, 2009 READ MORE


GM’s Fall and the Cars of My Youth

I wonder what my father would have thought of the self-destruction of General Motors. We were a General Motors family, but not a happy one.

Posted on Jun 2, 2009 READ MORE


GM Headquarters
Flickr / richardefreeman

Out With the Old, In With the New GM

General Motors filed for Chapter 11 bankrupcy protection on Monday. Shortly after the announcement, President Obama tried to reassure taxpayers, who are effectively shelling out an additional $30 billion in return for a 60 percent stake in the company, according to the new restructuring plan. The “new GM” will shed 21,000 more employees and shut down 12 factories and 2,600 car dealerships.

Posted on Jun 1, 2009 READ MORE



Flickr / gotplaid?

Uncle Sam to Own GM Without Any of the Perks

GM’s restructuring plan will make the Treasury Department the majority owner of the company, according to Bloomberg. The administration reportedly intends to take as passive a role as possible and will not appoint anyone to the automaker’s board, thereby avoiding the danger that something competent might happen.

Posted on May 26, 2009 READ MORE


Obama
AP photo / Gerald Herbert

Obama’s Next Target: Hedge Funds

President Obama gave certain hedge fund manager types who held out for “an unjustified taxpayer bailout,” as he put it, a dressing down in the midst of his comments about Chrysler’s bankruptcy filing on Thursday. Needless to say, that didn’t go over so well with the targeted demographic.

Posted on Apr 30, 2009 READ MORE


The End of the Middle Class as We Know It

This is how it ends. Or at least, this is how the latest, sad chapter in a story that has been ending for three decades is written.

Posted on Apr 29, 2009 READ MORE



Flickr / dogonthesidewalk

Uncle Sam Forces GM to Stop and Ask for Directions to Bankruptcy

GM has until June 1 to cut a deal with its workers and bondholders, but the Treasury Department is requiring the automaker to prepare for bankruptcy just in case, according to The New York Times. Newly installed GM chief Fritz Henderson is more receptive to the possibility than his predecessor, but warns, “If we need to resort to bankruptcy, we have to do it quickly.”

Posted on Apr 13, 2009 READ MORE


GM Saw

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Posted on Apr 9, 2009 READ MORE


Downward Automobility

It makes sense to prop up ailing carmakers. Allowing GM and Chrysler to go bankrupt could be a triggering event that might make a very bad economy much worse.

Posted on Feb 18, 2009 READ MORE


Eight Is (More Than) Enough

It turns out that the woman who recently gave birth to eight babies already had six in vitro kids at home, no spouse, no job and a pending bankruptcy. There’s a word for this achievement of medicine’s reproductive business: nuts.

Posted on Feb 5, 2009 READ MORE


Fifth Avenue
gonyc.about.com

Wealthy Shoppers Opt for Inconspicuous Consumption

Whereas during boom times not so long ago, the über-loaded were all about having it and flaunting it, some among their ranks are now feeling the need to tone down their spending habits, if only for the sake of appearances.

Posted on Dec 15, 2008 READ MORE


Chrysler plant
AP photo / Carlos Osorio

Steering Clear of Disaster in Detroit

If jobs weren’t disappearing and a depression threatening, it would be easy and satisfying to send the American auto industry into bankruptcy or liquidation. But this isn’t the time to make Chrysler, General Motors and Ford pay for their years of failure and shortsightedness.

Posted on Nov 20, 2008 READ MORE


Richard Fuld Jr.
World Economic Forum / Remy Steinegger

Lehman Bros. Paid Execs Millions as Company Tanked

On Monday, the House Oversight and Reform Committee took a look into the collapse of Lehman Brothers as part of a larger review of the factors leading to the current economic crisis, and it wasn’t a pretty sight. Judging by the committee’s account, leaders at Lehman Bros. disregarded key warnings of impending trouble and cut hefty checks for their fellow executives even as the firm teetered on the brink of disaster.

Posted on Oct 6, 2008 READ MORE



commons.wikimedia.org

Chin Up, John McCain—There’s Always Tomorrow

John McCain’s Tuesday was so filled with gaffes and bad news that no one seemed to notice when one of his top advisers held a BlackBerry aloft and declared “you’re looking at the miracle that John McCain helped create.” That spectacle simply couldn’t compete with former HP CEO Carly Fiorina and, more significantly, the very public failure of deregulation.

Posted on Sep 16, 2008 READ MORE



Flickr / tshein

Candidates Debate Economy as Banks Fail

While John McCain took heat for reasserting that “the fundamentals of the economy are strong,” two of the five biggest American investment banks folded on Monday. Bank of America bought out troubled Merrill Lynch while Lehman Brothers declared bankruptcy. Update: Another big one stumbles

Posted on Sep 15, 2008 READ MORE


Finance Giant Goes for Peanuts

The mortgage crisis has claimed another corporate victim. Bear Stearns, one of the largest financial institutions in the world, has been bought for a piddling $236 million. The company was valued at $3.5 billion just a few days ago, and $20 billion a little more than a year ago.

Posted on Mar 17, 2008 READ MORE


Edwards
todbrilliant.com

The Platform John Edwards Built

Paul Krugman argues in Friday’s New York Times that if the Democrats win in 2008, it will be because of their big ideas, and for that, Krugman writes, “they’ll have Mr. Edwards to thank.” He’s got a point. Does anyone remember that John Edwards was the first one out of the gate with a bold health care plan that bears a striking resemblance to the bold health care plans that followed?

Posted on Feb 1, 2008 READ MORE


Enron Is Back!

The scoundrels at Enron might finally get their due with the start of the much-anticipated fraud trial in Houston. Check out some of the columns Truthdig Editor Robert Scheer has written over the course of the scandal.

Posted on Jan 29, 2006 READ MORE


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