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By Yasheng Huang
$21.60
By E.J. Dionne
$18.95
$18
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Screenshot via Media Matters
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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
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Irargerich (CC BY 2.0)
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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
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Wikimedia Commons
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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.
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AP / Paul Chinn
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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)
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Ruthanne Reid (CC-BY)
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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)
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Flickr / respres Some rights reserved
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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)
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Flickr / anitasarkeesian
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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
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By David Sirota — 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.
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AP / Jorge Saenz
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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.
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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)
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Flickr / James Callan
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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.
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http://gov.ca.gov/
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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.
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Flickr / Franco Folini
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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.
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Flickr/tahitianlime
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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.
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By William Pfaff — 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.
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Flickr / richardefreeman
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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.
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Flickr / gotplaid?
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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.
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AP photo / Gerald Herbert
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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.
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By Marie Cocco — 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.
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Flickr / dogonthesidewalk
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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.”
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By E.J. Dionne, Jr. — 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.
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By Ellen Goodman — 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.
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gonyc.about.com
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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.
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AP photo / Carlos Osorio
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By Bill Boyarsky — 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.
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World Economic Forum / Remy Steinegger
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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.
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commons.wikimedia.org
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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.
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Flickr / tshein
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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
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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.
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todbrilliant.com
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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?
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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.
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Three Questions Left Unanswered by Obama’s Counterterrorism Speech
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