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...that's if things go according to plan. Holders of $27 billion in GM bonds have refused the company's debt-for-equity swap, making bankruptcy all but inevitable. For purist capitalists, the lasting significance of GM's pending Chapter 11 (and Chrysler's bankruptcy, filed a month ago) is the overwhelming intrusion into the private sector by Barack Obama and his auto task force at Treasury. "The day they fired the CEO of General Motors" - Rick Wagoner was dismissed by task-force co-chairman Steve Rattner in late March - "is a day we will look back on with great...
...Over the next month, the task force rammed through an odd-looking arrangement: The government would put up the money. The UAW's Voluntary Employee Beneficiary Association (VEBA) - a trust set up at Chrysler and other U.S. carmakers to shift retiree health-care obligations off company books - would own a majority of the shares. Fiat would run the place. And some sort of entity called Chrysler would survive. Despite the protests of some bondholders, the deal was sent to receive the blessing of a bankruptcy judge...
Cradled in her mother's arms, inside a tent on the edge of a field, is Pakistan's youngest refugee. Aman, a baby girl, was born just days after her parents fled last month's fighting in the Buner valley. As the Pakistani military moved in to push back against Taliban fighters edging closer to the capital, the family traveled in the opposite direction, across the mountains that form a backdrop to the camp in which they now live. They are among an estimated 2.4 million Pakistanis who have been displaced, marking a refugee crisis on a scale comparable...
...Last month, after the Taliban rampaged through Khan's village of Kalpani, his neighbors formed a militia to resist the encroachment. But the insurgents' advance was halted only by the arrival of gunship helicopters, artillery brigades and fighter jets. As the military's thunderous assault grew closer, Khan and his wife fled, hiding for hours in the nearby forest. When daylight broke, they scaled the hills and made their way to Shewa Adda, a village near the town of Swabi. "My daughter was born four days after we arrived," says Khan. The camp, now home to 500 families like...
...Stepping into the vacuum created by the government's faltering response to the crisis was a natural step for the Tarakais, says Liaqat Tarakai, the acting head of the family. "We have been doing charity work for a long time," he says. Every night during the Muslim month of Ramadan, the vast kitchens located on the edge of the sprawling Tarakai estate feed some 50,000 people from this region. When the recent military offensive began, the Tarakais' operation started to cook food and take it to the people from Buner staying with communities in Swabi that were hosting...