Archive for the ‘Bankruptcy’ tag
We’re back! Hugo Chavez, Bradley Manning, student debt, drones, Blackwater and the austerity end game
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Citizen Radio is back and talking the death of Hugo Chavez, student debt and how to fight back, Bradley Manning, drones, the war on whistleblowers, the sequester, and Blackwater.
Please read and share Allison’s Nation article on student debt and Strike Debt!
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Occupy buys up debt to abolish it, international austerity protests, Jamie has a sad
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Occupy buys up debt to abolish it, international austerity protests and eviction resistance, and Jamie has a sad.
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Supreme Court rules mandate constitutional, JPMorgan trading loss may reach $9 Billion
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Supreme Court rules the individual mandate constitutional, Jamie and Allison dissect the ACA, the right freaks out, the largest city in the U.S. files for bankruptcy, Aaron Sorkin is a dick, and so is Jamie Dimon.
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Shocker: TARP funds went to unworthy companies
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Sit down, reader. A new Congressional panel report questions the need for the Treasury Department’s $17.2 billion bailout of GMAC, a global financial services company (formerly a part of General Motors) in 2008 and 2009.
The government “might have been able” to arrange a strategic bankruptcy for GMAC, as it did for General Motors and Chrysler, preserving its automotive lending arm while dealing with the mortgage lending operations that brought it down, the panel found.
In one passage, the report concluded that GMAC became “one of the five largest wards” of the government even though it was “a company that apparently posed no systemic risk to the financial system, that did not seem to be too big to fail, too interconnected to fail, or indeed, of any systemic significance.”
Shocking, I know. That is, until one remembers this:
GMAC has spent nearly $1 million during the first three quarters of this year to lobby the very federal government it’s begging for our greenbacks, a Center for Responsive Politics analysis finds. That’s on top of the $5.46 million it spent on federal lobbying efforts in 2008, shortly after it peeled away from former parent company General Motors — itself formerly bankrupt, bailed out by taxpayers and still on quite a federal lobbying clip. The U.S. House, U.S. Senate, Treasury Department, Government Accountability Office and Federal Deposit Insurance Commission are among the governmental agencies and entities GMAC has this year lobbied.
