Word: bankrupter
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...System, better known as CalPERS, handed out a pension check last year for $272,200 to a retired university professor. A former water-district general manager collected $206,300. CalPERS, by the way, invests in vulture funds formed by Wilbur Ross, the New York billionaire who specializes in buying bankrupt companies, slashing costs and then selling the firms for an oversize profit. Among the costs pared: pensions. In short, a public-employee pension fund makes money from the killing of private pensions...
...tapping into the cash hoard Mercedes had built up over decades. In the process, the company, which once prided itself on its provincial roots in Baden-Württemberg, acquired a worldwide scale and presence in both cars and trucks--and bought some absolute dogs. That included a near bankrupt household appliance company (AEG), a teetering airplanemaker (Fokker) and a 37% stake in Japan's inept Mitsubishi Motors. Those and other investments drained management's attention and the company's account; Daimler's share of Mitsubishi's 2002-04 losses totaled more than $1 billion. The company's biggest acquisition...
...opportunity to understand the historical foundation of the modern periods that I study, but instead found a disorganized course that watered down 2,000 years of the past into an unrecognizable mess.ā€¯ Most upperclassmen also perceive that the ideals on which History 10a is predicated are bankrupt: the very pretense to isolate a history of the West is artificial and does not reflect the many complicated intercultural interactions that the courseā€™s professors themselves admit have been central. The course in general presents a primitive determinism, as if Western culture were an essence...
...Justice anti-trust lawyers go along. That will eventually mean fewer carriers and slightly higher fares. There will almost certainly be more mergers like the one that is already underway between America West and US Airways. Southwest, which traditionally remains aloof from its peers, recently paired up with bankrupt ATA Airlines. Continental, Delta and Northwest already have joined up in other ways, so it is possible those three airlines could become one. American Airlines, which in the past has cooperated with Seattle-based Alaskan Airlines, may want to revive that partnership...
Going forward, Leonard knows AirTran's fate will depend largely on whether the Federal Government gets out of the business of subsidizing failed airlines. "As a nation, we are subsidizing failure on a grand scale ... And it needs to end," says Leonard. "There should be firm limits to bankrupt carriers' being allowed an almost never ending process of not paying their bills." But even if the government steps back and Delta and Northwest become significantly weaker, at least one serious rival is already moving in to pick up some slack. New York--based JetBlue, just five years...