- The Anonymous Liberal: Do Conservatives Understand How Bankruptcy Works? –
Of course if you ask any of these people what should be done about GM and Chrysler [as opposed to what the Obama administration is doing], their answer is, inevitably, that they think the companies should be allowed to go bankrupt. But that just raises a more basic question: do conservatives understand what bankruptcy is?When a company files for bankruptcy under Chapter 11 of Bankruptcy Code, it doesn't just disappear into a puff of smoke. The goal of a Chapter 11 bankruptcy is a reorganization of the company, and that reorganization process is overseen at every step by the government. Upon filing of the Chapter 11 petition, a federal bankruptcy judge takes jurisdiction and all important decisions from that point forward must by approved by the court. The officers and executives of the company are often replaced. Sometimes a trustee is appointed to run things.
(tags: none) - House votes to recoup bonuses from bailed-out firms | Reuters –
Responding to public and political outrage to the bonuses after the insurer received a government bailout up to $180 billion, lawmakers voted 328-93 for a bill to impose a 90 percent tax on bonuses for executives whose incomes exceed $250,000.The tax would apply to executives of any company that received at least $5 billion in government bailout money.
(tags: none)
The Links for March 31st from 15:52 by Lee Salazar, unless otherwise expressly stated, is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License. Terms and conditions beyond the scope of this license may be available at leesalazar.com.