Word: congressed
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...Administration is starting to face some resistance in Congress about its plan to put General Motors (GM) into Chapter 11, using Treasury money to sustain the company as it works its way back to profitability. The government put another $4 billion into the car company on Friday. In the process of a government-supported bankruptcy, $27 billion in bondholder capital will probably become worthless, GM workers will be laid off and hundreds of dealers will be closed...
...argument by members of Congress who are opposed to the process may get some traction. Blue collar workers across the country are becoming enraged at seeing their peers being thrown out of jobs with support from the Treasury. Local towns and cities will have to support workers at dealerships that close. Banking and investment firms not involved in the GM situation will have to ask themselves if their future rights could ever be undermined by a process driven by the financial might of the U.S. government. (Read "Is This Detroit's Last Winter...
...pockets of resistance grow, GM may not have as easy a path through a bankruptcy court as Chrysler has had. Congress may decide to have an extended debate over whether the Treasury has the right to disintermediate bondholders and union workers. If the argument goes on long enough, the auto industry's restructuring could still turn into a liquidation...
...formally independent, such as scheduling a referendum on applying for U.N. membership under the name Taiwan. Ma, on the other hand, has promised not to declare Taiwan an independent state, a position that has made it easier for Beijing to cooperate with Taipei. During China's National People's Congress in March, Chinese Premier Wen Jiabao dangled an olive branch, saying that Beijing stands ready to "create conditions for ending the state of hostility and concluding a peace agreement between the two sides of the Taiwan Strait." (Read "Taiwan's Leader Keeps Low Profile Abroad...
...been key players in the hurly burly of the world's largest democracy, dominating the ballot box in states like West Bengal, where Kolkata is the capital, and where a Communist government has ruled for over thirty years. But this month's national elections, won decisively by the ruling Congress-led government, has plunged India's left-wing into crisis. (Read about the key players to emerge from India's elections...