The Unending eToys.com Bankruptcy

By: Friday January 2, 2015 9:00 am

Though it technically went bankrupt in 2001, the online retail company eToys.com has weaved in and out of the news for over a decade. The news is never good and today is no different as a previous trustee in the bankruptcy case is making public accusations of impropriety and double dealing by those managing the [...]

 

Detroit: A Tale of Two Cities: Post-Bankruptcy

By: Tuesday November 18, 2014 2:45 pm

Discussion of Detroit, MI falling from premier industrial city to bankruptcy and the ramifications.

Selling Priceless Art Won’t Save Detroit

By: Friday December 13, 2013 4:31 pm

On December 3rd Judge Steven Rhodes ruled that the City of Detroit is eligible to enter Chapter 9 bankruptcy, the largest municipal bankruptcy in American history. Detroit’s bankruptcy was driven mostly by a severe reduction in revenues. The city’s population has declined dramatically, dating back to the 1967 riots, and the city is plagued by long-term unemployment, causing Detroit’s property and income tax revenues to drop precipitously. There are not even enough taxpayer citizens living in the city to fund necessary city services.

Tony Sutton and the Myth of the Fiscally Prudent and Managerially Competent Republican

By: Monday September 2, 2013 4:00 pm

As Tony Sutton sees his nadir, so also does the myth of the fiscally prudent and managerially competent Republican. Sutton used the myth of his skill with numbers and business expertise to get to the top of the Republican Party of Minnesota; now he is gone, and his chief ally Michael Brodkorb is gone, and the Republicans are left to pick up the pieces.

Late Night: If Only Detroit Was Too Big to Fail

By: Monday July 22, 2013 8:00 pm

Kevyn Orr, by the way, is getting paid $275,000 to tell people who made $35,000 a year their whole lives to get real. Just in case your irony meter wasn’t already buried in the red zone. T

Federal Bailout For Detroit Floated

By: Monday July 22, 2013 6:40 am

As Detroit enters Chapter 9 bankruptcy some are considering the possibility of a federal bailout to dull some of the sharper cuts likely to result.

Detroit Files for Bankruptcy

By: Friday July 19, 2013 6:40 am

The city of Detroit has filed for bankruptcy protection. It is the largest municipal bankruptcy case in U.S. history.

Politicians and Oligarchs Love the Banks and Despise People

By: Sunday May 5, 2013 10:00 am

Are you in debt? You are a bad person. Politicians in both parties despise you and would prefer that you be crushed under the weight of your debt.

FDL Book Salon Welcomes Robert Kuttner, Debtors’ Prison: The Politics of Austerity Versus Possibility

By: Saturday May 4, 2013 1:59 pm

Robert Kuttner’s Debtors’ Prison ties together many of the individual fights progressives are battling over into a general argument for why our economy is broken 5 years after the Great Recession began. There are those fighting both Republicans and some Democrats on topics ranging from austerity to foreclosure relief and financial sector accountability, while there are fellow activists in Europe fighting against the European Central Bank’s policy of tight money and anti-democratic takeovers of local policy.

Hostess Liquidation Approved, Along With $1.8 Million in Executive Bonuses

By: Friday November 30, 2012 8:03 am

A federal judge has blessed the Hostess liquidation, after labor and management failed to reach agreement on an equitable solution. This isn’t surprising at all; management was basically set up to liquidate the company and strip the assets. Twinkies and Ding Dongs will survive; the company has solicited several offers for the brands. It’s just the 18,500 employees who will be out of luck; even if some of them get retained after the fire sale, getting absorbed into a new company almost certainly means that they will not all get their jobs back.

Meanwhile the executives will get a BONUS for all this.

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