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  • DOJ's New Antitrust Rule: "Too Big To Succeed"

    For months now, the Treasury Department has been grappling with the consequences of “Too Big to Fail” — the idea that some enterprises are too large to allow to fail. Now here’s comes the Justice Department with “Too Big To Succeed,” the idea that some firms are too large to … More

    Financial Prison Break: Banks Flee TARP

    In the weeks leading up to last week’s release of “stress test” results, there was quite a bit of talk about more bailout money for troubled banks — how much they would need, and how much Washington would force them to take. (Yes, force.) How things have changed. Not only … More

    CEO Confirms Treasury is Calling Shots at GM

    In a surprisingly frank statement this morning, General Motors CEO Fritz Henderson confirmed that the Treasury Department is calling the shots on the company’s on-going restructuring. As reported by the New York Times, Henderson stated that GM was told by the Treasury Department to offer bondholders only up to 10 … More

    TARP and Stress Tests: Now Can Banks Return the Money?

    The results aren’t officially out yet, but it looks like 14 of the 19 financial firms subjected to “stress tests” by the Treasury Department passed their exams with flying colors. Now, the question is will they be allowed to return the money they borrowed from taxpayers? Many of them want … More

    More on Chrysler and Offers You Can't Refuse

    Did the White House threaten a Chrysler creditor who refused to sign on to the rescue plan brokered by the government? That’s the charge levelled on Friday by a lawyer for the holdout creditors. In an interview with a Detroit radio station, attorney Thomas Lauria said that the investment firm … More

    Chrysler's Creditors and Offers You Can't Refuse

    President Obama was clearly miffed yesterday. His plan for restructuring Chrysler without a bankruptcy had been blocked by the refusal of some of the firm’s creditors to sign on to the restructuring deal hand-crafted by the White House. He decried their decision, calling them a “small group of speculators.” Later, … More

    The Federal Elephant in the Chrysler Bankruptcy Courtroom

    Chrysler is declaring bankruptcy. The step that was once declared “off the table” is now a reality. And that’s good news. The bankruptcy process provides the long-troubled automaker with the means necessary to reduce restructure itself into a viable enterprise. It’s also good news that Chrysler will have private-sector help … More

    Washington Occupies Detroit

    Congratulations. If you are a U.S. taxpayer, you will soon be a part owner of a car company. Under the latest reorganization plan released by General Motors, Uncle Sam would take ownership of 50 percent of the challenged automaker in return for forgiveness of $10 billion of debt now owed … More

    Seizure Plan Seizes Up: Frank Delays Financial Institution Receivership Plan

    The Obama Administration tried to portray the plan as no big deal, akin to simply filling in a loophole. The idea was to provide the FDIC with authority to seize failing “non–banK” financial institutions such as holding companies, insurance firms and hedge funds, similar to the powers they already have … More

    GM to Creditors: We Won't Pay

    General Motors today took one more step toward what is increasingly looking like an inevitable bankruptcy when its chief financial officer declared that it did not plan on making a bond payment due to creditors on June 1. That’s also the date given by the Obama Administration to the troubled … More