Sunday, CIT Group, with $71 billion in assets one of the largest small business lenders in the country and the recipient last December of $2.3 billion in taxpayer money filed for bankruptcy. It was the fifth largest bankruptcy in US history. Monday, nothing much happened. Stocks didn’t collapse. There was …
Recent media reports tout a forthcoming study in the American Journal of Medicine claiming that medical bills are responsible for 60% of U.S. personal bankruptcies. Putting aside the overly-generous criteria for counting a bankruptcy as “medical,” the figures reported in the study actually show that even by their criteria, medical …
After months of internal debate, President Obama today released his much-anticipated plan for reforming the nation’s financial regulatory system. The 85-page document is nothing if not comprehensive, containing a grab bag of changes covering almost every aspect of the troubled financial industry. Taken as a whole, the changes would trigger …
Throughout the next two weeks, the Foundry will be highlighting some testimonials of General Motors bondholders. When President Obama describes bondholders, you get the distinct impression of pinstripe-suit-wearing bankers with scotch in one hand and cigars in the other. However, that is far from the case. In fact, GM bondholders …
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 …
From CNNMoney: “Chrysler LLC will file for Chapter 11 bankruptcy protection in a New York court Thursday senior Obama administration officials said, kicking off what the administration predicts will be a 30- to 60-day restructuring for the third-largest U.S. auto maker. The U.S. government will provide up to an additional …
