Word: bankrupting
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AIRLINES Grounded by War? Would a war in Iraq deal a crippling blow to America's already limping airline industry? According to a new study commissioned by a major airline and obtained by Time, half of America's large airlines could be bankrupt within months if war - even a brief one - breaks out in Iraq. The report's author, Mark Gerchick, a former top official at the Department of Transportation and now a consultant for whom?, notes that during the 1991 Gulf War, airline bookings dropped 10% and drove even perennially profitable Southwest Airlines into the red. But the industry...
Many proponents of the Michigan program cite instances of preference in the admission of legacy students and recruited athletes as justification. But these other programs are themselves morally bankrupt, and cannot be used to justify affirmative action. While it is no secret that the children of alumni have an increased chance of acceptance, legacy admissions policies also undermine the meritocratic foundations of our society. Unfortunately, not all schools have the financial freedom to deny these candidates admission—but as universities become wealthier they will hopefully move away from these inequitable policies...
...season. Wal-Mart's sales in stores open at least a year were up only about 3% compared with the same period last year--at the low end of its expectations. But many other retailers were hurt much worse. Wal-Mart just keeps gaining market share, not only from bankrupt discounter Kmart but also from grocers like Kroger, drugstore chains like CVS and electronics sellers like RadioShack...
...closest ties to North Korea that could play a key role in dissuading Kim from his nuclear brinkmanship: China. A budding superpower with a seat on the U.N. Security Council, China shares a border with North Korea and has a long history of propping up the country's bankrupt regime. In 1950, Chinese troops poured across the Yalu River and fought the U.S. to a stalemate, ending the Korean War and rescuing Kim's father, Kim Il Sung, founder of North Korea, from defeat. Today the mainland is North Korea's biggest benefactor, providing an estimated 40% of immediate food...
...Mayor" get from helping rescue WorldCom? For a man with possible presidential aspirations, the move has advantages. It would allow him to stay in the spotlight and, if he helps turn the company around, be a hero again. Yet Giuliani may learn that messing with the debt of bankrupt companies is not necessarily a career-enhancing move. The distressed-debt market is a playground for vulture investors, a place to parlay others' misfortunes into personal wealth. How would that resonate with voters? --By Daniel Kadlec