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    CIT Bankruptcy Shows that It is Time to End TARP

    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 … More

    Medical Bankruptcies Are Falling

    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 … More

    Obama Financial Regulation Plan: Empowering Regulators, Not Consumers

    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 … More

    The Government and GM: How Reluctant a Shareholder?

    Will the new majority owner of General Motors — the United States Government — take an active role in managing the firm as it struggles for viability? In a statement earlier today, President Obama insisted that the government wouldn’t impose it’s own political agenda on GM. “What we are not … More

    Meet GM's Bondholders: Jim Graves

    As the State of Indiana announces it will no longer invest in bonds issued by banks and automakers who receive federal bailout money, and waits for a court ruling on whether the the U.S. government acted legally in the Chrysler bankruptcy, we thought we would bring you another installment of … More

    Meet GM's Bondholders: Chris Crowe

    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 … 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

    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

    It’s Official: Chrysler Files for Bankruptcy

    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 … 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