Word: badness
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...Neither can General Motors'. The company is in the process of axing 1,100 of its 6,000 dealers. When the march of time, the sins of management and the scythe of a bad economy conspire to bankrupt once great companies, who pays? The sort of person, in the words of Tennessee Senator Bob Corker, "who ran a profitable business, civic leader, always responsible," who "very unfortunately" is "going to take a lot of pain" for the mistakes of others. A guy like Steve Weinberg. "It breaks your heart," says the Senator. (See the 50 worst cars of all time...
...Bankruptcy law ranks claims against a failed company. Stockholders have the weakest claim - they made a bet on success, got failure instead, so too bad. The strongest claims belong to secured lenders, which are first in line for any proceeds if the company is liquidated. In between lie the unsecured claims. For a carmaker, this creditor class includes suppliers who haven't been paid, car owners whose repairs ought to be covered by warranty, dealers seeking reimbursement for manufacturers' rebates - and the UAW seeking a VEBA payment...
...entrepreneurship is highly prized here, the jefes who run the big operating units still prefer the safety and comfort of a large corporation to the risk of running one's own business. And that creates powerful fiefdoms where divisions don't cooperate with each other and synergy becomes a bad word...
...wonder that so many Republicans reacted to President Barack Obama's nomination of Sonia Sotomayor to the Supreme Court Tuesday by arguing that the confirmation process couldn't be rushed: the GOP knows it has been dealt a bad hand, and it's playing for time...
...nomination of Sotomayor comes at a bad time for the GOP. Republicans have only just begun the long process of wooing Latinos burned by the 2005-06 immigration battles. Obama won 67% of Latino votes, vs. John McCain's 31% - enough to help Obama win Florida, New Mexico and Colorado. Hispanics had actually been somewhat disappointed in Obama's Latino-lite Cabinet and his unwillingness to take on immigration reform as a top issue in his first 100 days. But that will probably be forgotten now. The Hispanic community was "thrilled" by Obama's pick of Sotomayor, said David...