Word: offering
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...Detroit. Embattled Chrysler appears to have run out of rope, and has filed for bankruptcy - a course confirmed by President Obama at a Thursday press conference. The reason for the fast fall into Chapter 11 is that some of Chrysler's debt holders refused to take the cash settlement offer put together by Steve Rattner and the Automotive Task Force, the terms of which they found rather harsh...
Next, look at GM's offer. The unsecured bondholders are owed $27 billion by GM, and they are being asked to trade that IOU for a 10% equity stake. The UAW's VEBA trust, on the other hand, is trading in a $10.2 billion IOU and getting a 39% equity stake. If these were poker chips, you could say the croupier has arbitrarily decided to value bondholders' chips at 37 cents apiece and the UAW's VEBA chips at $3.90 each...
...year in and year out, a dedicated and inspiring teacher who represents some of the best that Harvard has to offer,” says Andrew J. Romig, assistant director of studies for the History and Literature department...
...border is a crossing point, not a canyon, and just a brief look at the numbers offer an idea of how busy that crossing point is. In January and February of this year, some $16 billion in exports went south from the U.S., while some $21 billion of imports came north, according to the Texas Center for Border Economy and Enterprise Development at Texas A&M International University. In Brownsville alone, in the first two months of this year, there were 297,478 legal pedestrian crossings north and 284,662 legal southbound crossings. Personal-vehicle crossings were almost double that...
...time when credit in China is rapidly expanding -loans in the first quarter totaled $670 billion, almost equaling total lending for all of 2008- the risk of bad loans is increasing. With small and medium-sized private firms collapsing with disturbing frequency, SOEs offer Chinese banks a margin of safety: an implicit guarantee that the government will ultimately make good on their loans. This is making it harder for China's banks to adopt modern risk-management practices and diversify their traditional customer base, which is largely SOEs. "It's difficult to go on a massive spending binge...