tagged w/ Bankrupcy
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Hit by the financial crisis, General motors the third largest bankrupcy in the US history is going to receive a detailed restructuring plan from Obama on Monday.Hit by the financial crisis, General motors the third largest bankrupcy in the US... more
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Olga's Diner, a landmark on the Marlton Circle here since 1959, has served its last cup of coffee, its owner said Thursday.Olga's Diner, a landmark on the Marlton Circle here since 1959, has served its... more
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75 year old Bob is the target. He forgets important details, lousy with technology and falls asleep during meetings. Bob has pushed the company's health care through the roof with his heart problems. Refusing to retire and with over 400 paid sicks days, the company can't fire Bob or they will go bankrupt. There is only one option...
corporateassassin.com to keep up with the series75 year old Bob is the target. He forgets important details, lousy with technology and... more
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What? You're telling me it's all imaginary!!!
Well, it turns out our new source of money, since the early 20th century, has no real value... what?
Yup, these days money is really based on YOUR DEBT - ever increasing debt exponentially.
Maybe we should re-think the kind of "change" we really need in this world...What? You're telling me it's all imaginary!!!
Well, it turns out our new... more
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(CNN) -- A 90-year-old Akron, Ohio, woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home became a symbol of the nation's home mortgage crisis Friday.
Addie Polk is being treated at Akron General Medical Center after shooting herself at least twice in the upper body Wednesday afternoon, her city councilman said.
U.S. Rep. Dennis Kucinich, D-Ohio, mentioned Polk on the House floor Friday during debate over the latest economic rescue proposal.
"This bill does nothing for the Addie Polks of the world," Kucinich said after telling her story. "This bill fails to address the fact that millions of homeowners are facing foreclosure, are facing the loss of their home. This bill will take care of Wall Street, and the market may go up for a few days, but democracy is going downhill."
Neighbor Robert Dillon, 62, used a ladder to enter a second-story bathroom window of Polk's home after he and the deputies heard loud noises inside, Dillon said.
"I was calling her name as I went in, and she wasn't responding," he said.
He found her lying on a bed, and he could see she was breathing. He also noticed a long-barreled handgun on the bed, but thought she just had it there for protection. He touched her on the shoulder.
"Then she kind of moved toward me a little and I saw that blood, and I said, 'Oh, no. Miss Polk musta done shot herself,' " Dillon said.
He hurried downstairs and let the deputies in. He said they told him they found Polk's car keys, pocketbook and life insurance policy laid out neatly where they could be found, suggesting she intended to kill herself.
(CNN) -- A 90-year-old Akron, Ohio, woman who shot herself as sheriff's deputies... more
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ivxx
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3 years ago
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In a stunning reversal, the Wachovia Corporation said early Friday that it planned to be acquired by a rival bank, Wells Fargo & Company, for about $15.1 billion in stock.
The announcement came four days after Citigroup believed that it had cemented a deal with Wachovia to buy most of its banking operations for $1 a share or $2.2 billion in a deal brokered by federal regulators. With Wachovia on the brink of collapse, the government agreed to cover any losses above $42 billion, an indication of the urgency of regulators to get a deal done.
But Wachovia has now apparently rejected the Citigroup deal in favor of Wells Fargo. That deal calls for Wells Fargo to buy all of Wachovia for $7 a share and requires no assistance from the federal government. Wachovia customer deposits would be protected in both deals.
Still, the agreement requires the approval of Wachovia shareholders and regulators. In an announcement Friday, the Federal Deposit Insurance Corporation, which brokered the Citigroup-Wachovia deal, said that it “stands behind its previously announced agreement with Citigroup.”
Officials from the Federal Reserve, Treasury Department and the Office of the Comptroller of the Currency were all involved in original Citigroup-Wachovia deal. The Fed and the comptroller’s office said in a joint statement that they had not yet reviewed the proposal “and the issues that it raises.”
Citigroup executives learned that its deal was being scuttled early Friday morning after Wachovia’s advisers stopped taking their phone calls, according to people briefed on the transaction. The move left Citigroup executives fuming, and they are weighing their legal options.
In a stunning reversal, the Wachovia Corporation said early Friday that it planned to... more
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ivxx
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3 years ago
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ST. AUGUSTINE, Florida (AP) -- First came the health problems. Then, unable to work, Ada Noda watched the bills pile up. And then, suffocating in debt, the 80-year-old did something she never thought she'd be forced to do.
Ada Noda, 80, pictured with her puppy Lolita, declared bankruptcy after health problems.
Ada Noda, 80, pictured with her puppy Lolita, declared bankruptcy after health problems.
She declared bankruptcy. ST. AUGUSTINE, Florida (AP) -- First came the health problems. Then, unable to work,... more
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Employees of the bankrupt investment bank Lehman Bros are being offered free theatre tickets by Sir Andrew Lloyd Webber.
estimated 5,000 London staff lost their jobs on Monday but they now have until October 15 to view some of the biggest shows on the West End.
Bank staff who can produce a bank P45 form dated after September 1 will be be able to get free tickets to The Sound of Music, Joseph and the Amazing Technicolor Dreamcoat, subject to availability.
i bet they are chuffed about that. who cares about the well payed job when I CAN GO TO THE THEATRE!!!!
Employees of the bankrupt investment bank Lehman Bros are being offered free theatre... more
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The number of homes and apartments being built in the US sank in July to the lowest level in more than 17 years, government figures show.
Builders started work on 965,000 properties, on an annualised basis, from 1.08 million in June, the Commerce Department said.
However, this was not as bleak as some had been expecting.
Separately, inflationary pressures saw US wholesale prices shoot ahead by 1.2% in July - its fastest pace in 27 years.
Core inflation, which strips out energy and food costs, climbed by 0.7% from June, the Labor Department said, well above the the 0.2% rise which had been forecast.
The rapid wholesale inflation seen in July was largely linked to energy costs during the month, which saw crude oil hit a record price of $147.27 per barrel, sending petrol prices soaring.
But there are hopes that prices rises will abate, now that the price of oil has fallen by more than $30 per barrel.
"Though commodity prices have come down significantly from record highs in mid-July and the dollar has strengthened, consumers can still expect to see increased inflation for some time to come as the producer price pressures feed through to consumer prices," said Arek Ohanissian, an economist at the CEBR.
Grim
Economists have been studying forward-looking information for signs that the US housing slump was past its worst.
However, the Commerce Department data made for grim reading, with the number of construction permits issued - seen as a reliable sign of future activity - down 17.7% on an annual basis.
And the number of new homes being constructed last month was down by 39.2% compared with July 2007.
"The continued weakening of the housing market is an additional pressure and households will feel further squeezed in terms of real disposable income," said Mr Ohanissian.
He said that "given this state of affairs and the general weakness of the economy" the Federal Reserve was likely to keep interest rates low at 2% - despite rising inflation. The number of homes and apartments being built in the US sank in July to the lowest... more
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The ranking Republican on the House Budget Committee said the U.S. government is headed toward bankruptcy if it stays on its current fiscal course.
“We know that for a fact,” Rep. Paul Ryan (R-Wis.) told CNSNews.com in a video interview. “All the actuaries, all the objective scorekeepers of the federal government, are predicting this.”
To back up this claim, Ryan cited an estimate by the non-partisan Government Accountability Office that says the government faces a $53-trillion shortfall to cover the costs of promised benefits in its entitlement programs.
“They say we are $53 trillion short of fulfilling the promises the government is making to the American people, in today’s dollars,” said Ryan.
“Meaning that if we want to keep the promises of Medicare, Medicaid and Social Security, which are basically the three major entitlement programs, today we would have to set aside $53 trillion dollars and invest them at Treasury rates in order to do it,” he said.
Ryan said that to deal with this situation the government must either reform the entitlement programs or eventually impose massive tax increases on American workers.
“For the last 40 years, the federal government has had to tax every dollar made in America at 18.3 cents on that dollar to pay the bills of the federal government,” said Ryan.
“By the time my three children – who are three, five and six years old—are my age, the federal government will have to tax 40 cents out of every dollar made in America just to pay the bills for the federal government at that time,” he said.
Ryan asked the Congressional Budget Office to determine what the tax rates would need to be to cover federal spending at that level.
“What they told me was really startling,” said Ryan. “They said that the current low rate, the 10-percent bracket for low-income Americans, would have to go up to 25 percent. The middle-income tax rate for middle-income Americans would have to go up to 66 percent, and the top rate, which is what small businesses pay, would have to go to 88 percent.
“Those would be the tax rates you would have to have if you wanted to tax your way out of this problem,” he said. “And if you did that, all experts conclude, you would literally crash the American economy.”
Ryan portrayed the long-term budget crisis he believes the country is now facing as a generational challenge.
“The legacy of this country has always been that each generation confronts the challenges before it so that the next generation is better off,” said Ryan. “In the past, we brought down the Iron Curtain and won the Cold War. We got through World War I. We got through World War II. We won the war on the Great Depression.
“The problem that we have right now—putting foreign policy aside and our fight with Islamic radicalism—is that we have an economic crisis, we have a fiscal crisis, and, that is, we will bankrupt this country, and the best century in America will be the last century,” he added.
“Unless we turn our fiscal situation around and pay off this debt, and change the way these programs work to a more sustainable path, the next generation will have inferior living standards,” said Ryan.
Ryan and his Budget Committee staff have developed a comprehensive plan for reforming federal taxing-and-spending policies that they believe will restore long-term solvency to the federal government.
Entitled “A Roadmap for America’s Future: A Plan to Solve America’s Long-Term Fiscal and Economic Crisis,” the plan has been introduced as legislation (H.R. 6110) in the current Congress.The ranking Republican on the House Budget Committee said the U.S. government is... more
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Danny Schechter: "This is a 50 state Katrina"
Danny Schechter, "The News Dissector," is a former network TV producer, radio newscaster, and edits MediaChannel.org. He has written nine books on media themes. His latest, Squeezed: America As The Bubble Bursts was inspired by his latest film, In Debt We Trust: America Before The Bubble BurstsDanny Schechter: "This is a 50 state Katrina"
Danny Schechter, "The... more
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