Word: bankrupting
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Dates: during 2000-2009
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...invoked a little-observed 19th century British law requiring factory walls to be whitewashed. On the Karachi Stock Exchange, insider trading is commonplace and conflict of interest is rife. Some of the exchange's board members are also leading brokers, and they are able to change regulations overnight to bankrupt an outsider trying to deal in a company's shares. Brokers sometimes vanish with their investors' portfolios, and no investor has ever won a case against a crooked dealer...
Given these pedagogically bankrupt bits of filler that constituted the bulk of our time here, it actually seems fitting—even predictable—that most of us are at a loss for overarching take-home messages. Perhaps, in this way, Harvard is a fitting introduction to the real world, which (I’m told) plays like anything but a conventional screenplay. In last year’s Spike Jonze film, Adaptation, Nicolas Cage plays a writer who is all too aware of this. In trying to adapt Susan Orlean’s book The Orchard Thief into...
Meanwhile, the brass at AMR quietly landed pension guarantees worth $41 million--benefits that, unlike those of the workers, will be protected even if AMR goes bankrupt. Succumbing to public pressure, AMR backed off on another issue: its proposed "retention" bonuses for top executives. A flap over that cost CEO Donald Carty his job. But the executive pensions remain in place. Investing legend Warren Buffett, who has been campaigning against executive compensation that is out of line with returns to workers and shareholders, said in a recent speech that "what really gets to the public is when CEOs get rich...
...steel firms operating under bankruptcy protection, the steelworkers' union has willingly taken part in a vast restructuring of pay and benefits spearheaded by New York City investor Wilbur Ross. His International Steel Group (ISG) recently completed its third major acquisition in two years, buying most of the assets of bankrupt Bethlehem Steel. Ross warns of more wage pressure ahead: "If we don't reform our labor system very soon, we won't have a manufacturing sector to worry about." He is taking aim at work rules that prevent union steelworkers from performing as efficiently as foreign competitors or nonunion rivals...
Also, while there are certainly many competitive people at Harvard, it’s drastically inappropriate to equate their actions with those of Blair Hornstine, who is single-handedly attempting to bankrupt her entire public school district just to assure that no one shares the title of “valedictorian” with her. This displays a ruthless disregard for her entire community and a level of selfishness far deeper than that of most any competitive Harvard student. Unlike Podolsky, I and many others do find this act “uniquely outrageous...