Word: bankrupted
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Countries aren't supposed to go bankrupt. Governments, after all, are funded by the tax revenues of entire economies, and, since they manage nations, they're not likely to evaporate, Enron-style, in a sudden financial flame out, or close up shop and flee their creditors. That's why lending money to states is considered the surest bet around. Reputation aside, however, politicians abuse their ability to borrow just like any spendthrift with too many credit cards, and often pile up more bills than they can handle. Argentina, Russia, Mexico and others have stiffed their bankers over the past...
...they are facilitated debt accumulation and high leveraging of assets. Bankruptcy laws, first-time homebuyer tax credits, and non-recourse loans all give the uninformed consumer incentive to buy a new home. Lest we as a people and as members of the largest economy in the world go bankrupt, we need to make policy decisions that bind all parties involved to a common fabric...
Much of the opposition is coming from workers from GM plants in Saginaw and Grand Rapids, Mich., and Lockport and Rochester, N.Y., where UAW members say they are being pushed to renegotiate a contract that included concessions they signed only last year, when the plants still belonged to the bankrupt Delphi Corp. "We haven't seen anything in writing yet, but we know they're coming for us again," says a GM worker from Grand Rapids. "We also know they want a 'no strike' clause...
...unit apartment building at Alameda and 4th Street. Valentin Marquez, 41, father of four, does foundation and concrete work. Before this job he says he was out of work for a year. He is now struggling to keep his house. "The company I worked for for 18 years went bankrupt," he says. His colleague, Alonzo Chavez, 34, worked for the same contractor and then took a job in a burrito factory at minimum wage. Both non-union men, hands gray with concrete dust, know this job will only last another two months. "This year looks rough," says Marquez...
Back in 2006, Lawrence McDonald, a former Lehman Brothers bond trader, remembers, he asked an intern what he was doing during the winter break at the now bankrupt investment bank. The intern, who was a junior in college, said he was trading derivatives for the firm. Surprised, McDonald asked the intern the size of his pad - Wall Street-speak for how much of the firm's money he was able to trade - figuring it couldn't be much. The intern's response: $150 million...