New York City Opera Files for Bankruptcy

Alexander Reed Kelly / Truthdig Oct 5, 2013 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. Dig deeper ( 2 Min. Read )

Detroit’s Bankruptcy: It Took Decades of Bad Decisions

BLANK Sep 16, 2013 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. Dig deeper ( 3 Min. Read )

The Insider’s Economic Dictionary: B Is for Bailout

By Michael Hudson Aug 10, 2013 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! Dig deeper ( 4 Min. Read )

Detroit and the Bankruptcy of America’s Social Contract

Robert Reich / Truthdig Jul 21, 2013 The geopolitical divide has become so palpable that being wealthy in America today means not having to come across anyone who isn’t. Dig deeper ( 3 Min. Read )

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

Tracy Bloom / Truthdig Jul 19, 2013 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. Dig deeper ( 3 Min. Read )

Breitbart Site Duped by Fake Paul Krugman Bankruptcy Story

Tracy Bloom / Truthdig Mar 11, 2013 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. Dig deeper ( 2 Min. Read )

Stockton Goes Bankrupt

Alexander Reed Kelly / Truthdig Jun 27, 2012 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. Dig deeper ( 1 Min. Read )

Alabama County Goes Really, Really Bankrupt

Staff / Truthdig Nov 10, 2011 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. Dig deeper ( 1 Min. Read )

Obama’s Favorite Solar Company Files Bankruptcy

Staff / Truthdig Sep 1, 2011 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) Dig deeper ( 1 Min. Read )

Borders Will Liquidate Remaining 399 Stores

Staff / Truthdig Jul 19, 2011 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) Dig deeper ( 1 Min. Read )

Banks Push to Appease Regulators With Low-Ball Damage Compensation

Staff / Truthdig May 15, 2011 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) Dig deeper ( 2 Min. Read )

American Apparel Uses the B-Word

Staff / Truthdig Apr 1, 2011 Troubled clothing maker American Apparel -- its racy ads and its CEO under fire -- has announced that it may be forced to file for bankruptcy. Dig deeper ( 1 Min. Read )