Word: bankrupts
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...Assets already paid into the VEBA trust would probably be safe if GM filed for bankruptcy, says Diamond. But chances of getting the deferred $1.7 billion back in a bankruptcy court are virtually nil. It's also unlikely that the assets in the trust will last 80 years, since bankrupt automakers would be unlikely to make all the future trust contributions. "My guess is the trust would last 20 years," says Diamond. "It's a very difficult situation. Autoworkers were sold a pile of goods by the union leadership and GM executives. They never disclosed the risks of bankruptcy like...
...outgrowth of free capitalism; only the state, he figured, could be entrusted to improve the livelihoods of the poor. The result was the bizarre License Raj, a bewildering maze of regulation that hamstrung private enterprise. By 1990, the system had produced outdated, uncompetitive companies and a near bankrupt government. India only started to boom once intrusive state regulation was scrubbed away, in a bold reform effort led by Manmohan Singh (the current Prime Minister) beginning in 1991. "I've come to the conclusion that equity does not mean filing of more regulation of private enterprise," Singh once explained. "Those...
...value of its loans continues to fall, it may not have to take a hit to its equity. And as long as most of Citi's borrowers keep paying, as most are, Citi will be just fine. That's why most analysts see the possibility of the bank going bankrupt as out of the question...
...Next, the government could suspend trading in the credit default swaps on Citigroup's debt. The price of those contracts, which pay out if Citi goes bankrupt, have been rising recently, and that is spooking the stock investors. Without that constant reminder of the increasing chance of Citi going out of business, some observers say the stock would rise...
...said that last weekend’s G20 summit was a welcome sight for the beleaguered global economy, even if it has yet to produce noticeable results. “It is very important that there was a G20 meeting, not G7, because the G7 [countries] are all bankrupt now,” said Stiglitz, a Columbia University professor. He said that the inclusion of 13 rising economies was particularly meaningful because wealth has been shifting from America and Europe to Asia and the Middle East. “It is probably the best decision [President Bush] has made...