Word: bankrupting
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Dates: during 2000-2009
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That's particularly true in California, a state in almost perpetual crisis - it's "effectively bankrupt," as Whitman likes to put it - with a budget deficit befitting Argentina and crises with water, highways, prisons, schools, immigration and unemployment. The legislature and the governor are openly hostile to each other, and the electorate is disgusted with both of them. (Their approval ratings are 18% and 28%, respectively.) This state of affairs is alternately described as the end of civilization or America's bright future, depending on whom you ask. Driving around the state, you'd never know that California...
After Design Research—popularly known as D/R—went bankrupt in 1978, Crate and Barrel occupied the space until last January...
...shortage of clean water, as it was last year, that is now at the heart of a potential cholera outbreak. A visit to Chitungwiza reveals that public water shortages are still common, forcing residents to resort to unprotected sources such as wells and creeks. Meanwhile, the bankrupt local government has left garbage uncollected and has allowed maintenance to falter, so that sewer pipes frequently burst, further tainting the available water. (See pictures of the reign of Robert Mugabe...
...economy recovers and some of the companies can refinance and push their debt off - the core practice is still destructive. Many of these companies will fall apart anyway. In the 1980s, when Michael Milken was funding buyouts, 52% of the biggest 25 companies acquired ended up going bankrupt. I did a study of the 1990s, ideal economic times, and with 6 of the 10 biggest buyouts, the companies clearly were worse off 10 years later. In three cases the results were mixed, and in one case the private-equity firm improved the business. This decade, 6 of the 10 biggest...
...become too big to fail. Does that mean some countries may get ahead of us in terms of financial innovation? Sure, but so what? For much of this decade, both England and Iceland were considered friendlier to capital markets than the U.S. England is now threadbare; Iceland is bankrupt...