Pentaerythritol tetranitrate (PETN), the explosive Umar Farouk Abdulmutallab tried to detonate aboard Northwest Airlines flight 253, is among the most powerful of explosives in the world and was widely used to blow up airplanes in the 1970s and 1980s. The only reason the passengers of Flight 253 are still alive …
On December 25, 2009, a Nigerian student attempted to ignite a mixture of powder and liquid on a Northwest Airlines flight landing in Detroit, Michigan. Passengers helped to stop the suspect from carrying out his mission after the device failed to fully detonate, marking the 28th foiled terror plot against …
Remember the auto bailout? It’s not in the front pages anymore, but last week the Congressional Oversight Panel — a body created by statute to oversee TARP spending — issued a comprehensive and critical report on Washington’s foray into Detroit. The headline news, reported in most major media: the money …
With General Motors slated for nationalization, and the government holding major stakes in Chrysler and several major banks, many concerned observers have been asking when it will all end. President Obama, however, has not even ventured a guess. The omission is an odd, and dangerous, one: the president who campaigned …
What if they ran a bailout program and no one came? Last year, the Bush Administration Treasury Department opened TARP’s doors to insurance companies, a number of which promptly filed for aid. Last week, the applications of six of those were approved, totalling some $22 billion. But rather than rush …
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 …
Even as the Detroit automakers are asking Congress for a taxpayer bailout, the Detroit News reports that Ford Motor Co. is operating highly automated, highly integrated, and highly profitable auto plants — in Brazil. They employ state of the art technology and techniques to produce high-quality vehicles: This state-of-the-art manufacturing …
