Word: bankrupted
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...last year. Domestic sales dropped 34% for the entire industry. It is probable that concerns about Chrysler's survival made potential customers anxious and contributed to its steeper decline. Many Americans are still do not understand how and why their warranties will be honored if a car company is bankrupt The government has made it clear that the warranties on Chrysler vehicles will be honored, but in the minds of its citizens the American government's word has not always been reliable...
...past two years has been wrong. That's why the crisis continues. The idea that you can solve a problem of too much debt and too much consumption with more debt and more consumption is ludicrous on its face. What they should have done is just let everybody go bankrupt, let the bankruptcy courts reorganize everything. The Japanese tried this approach of propping up zombie banks and zombie companies; it did not work. And it's not going to work in America either...
...Sirius XM (SIRI) has been a favorite of short sellers for years. Once considered among the most promising growth stocks in America, its debt problems nearly forced it into Chapter 11. Liberty Media put $530 million into the satellite radio company just days before it would probably have gone bankrupt and got 40% of Sirius and along with debt for the capital. The company's stock began the trading year at $.12 and fell to $.05 in early February on concerns that it might fold. Since then, the shares are up over 8x to $.43. There were almost 167 million...
...believed that a failure at Merrill could have been an event worse than the banking catastrophes of the 1930s. This will remain an unanswered question. Would the common equity value of America's largest financial firms have gone to zero in a matter of days if Merrill had gone bankrupt? Would bondholders have suffered huge losses? Would the trouble have spread to even the healthiest financial firms...
Shortly after his resignation, Rose said he became increasingly concerned that Harvard may have had ethically questionable ties to Enron, which went bankrupt in late 2001. Herbert S. Winokur ’65 served both on the secretive Harvard Corporation and on Enron’s board of directors, a dual commitment that Rose said he found disconcerting. He also found ethically troubling Harvard’s 49 percent ownership interest in former Enron affiliate Cook Inlet Energy Supply—which he said made substantial profits from the debilitating California energy crisis...