Word: bankrupts
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Speaking before a packed audience and news cameras, Spitzer emphasized that the Obama administration should invest more money in job creation and infrastructure, rather than directing money to propping up large banks and other bankrupt companies...
When I was 8 years old, my dad went bankrupt and lost his business. I remember entering our apartment, and all the furniture was gone, our two cars were sold, there was no air-conditioning. Our whole life changed. My parents took me to the park where all the orphans sniffed glue to deal with the tragedies of their own lives. That made such an impression. When I had my first big international success when I was 18, I decided to establish a foundation for children, and since then we've been focusing on providing high-quality education and nutrition...
...bank-bailout funds? Because $500 billion felt too small and $1 trillion politically impossible; one staffer, charged with justifying the figure, laughed "at the absurdity of it all." Sorkin's meeting-by-meeting account reveals just how close we came to any number of alternate realities: Morgan Stanley going bankrupt, AIG refusing government money, Goldman Sachs buying Wachovia. The detail is comprehensive and chilling, but the big picture is incomplete. The story of how the financial system arrived at such a brink and of the social and political fallout will have to be told by other books...
Sergio Marchionne, the gifted executive who saved Italy's Fiat Group from a destructive meltdown earlier in the decade and then convinced the Obama Administration that he could revive the bankrupt Chrysler Group LLC, tried on Wednesday to dispel speculation that the struggling automaker was beyond help. "We want Chrysler to become a strong public company," said Marchionne, who was dressed in his trademark professorial sweater, as he opened an elaborate presentation of the struggling automaker's business plans for the next five years, which emphasize blending Fiat's small-car and small engines technology with Chrysler's muscular Jeeps...
...Wall Streeters got wiped out because their wealth was tied to their firm's stock price. Dick Fuld, the former CEO of Lehman, had shares and options worth about $1 billion at their peak. He got less than $1 million when he sold them after the firm went bankrupt. (He still took home, before taxes, $490 million from his stock-based compensation, so don't cry for him.) James Cayne, CEO of the defunct Bear Stearns, was in a similar situation. If Fuld and Cayne had known their firms were as badly at risk as they proved...