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

By: Friday November 30, 2012 7:00 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 [...]

Hostess, Baker’s Union Agree to Mediation, Avoiding Shutdown for Now

By: Monday November 19, 2012 12:18 pm

A US bankruptcy judge has prevented the liquidation of Hostess Brands for the moment, suggesting a mediation process between the company and its Bakers Union. Both sides have agreed to the mediation. Hostess went to Judge Robert Drain to, get this, receive permission to pay out executive bonuses to top officials in the company, even [...]

A123 Systems Bankruptcy a Consequence of Consolidation Rather Than “Stimulus Bust”

By: Tuesday October 16, 2012 12:14 pm

In a bit of bad timing, A123 Systems, the advanced battery manufacturer which received one of the Energy Department’s stimulus grants to fund its operations, filed for Chapter 11 bankruptcy protection today, and will in all likelihood default on some debt. The battery maker did say that it would sell its automative facilities in Michigan [...]

Another Foreclosure Fraud Settlement Scam: Banks Trying to Get Credit for Already Discharged Debt

By: Sunday September 30, 2012 9:03 am

Though I’m not sure anyone pays attention to them anymore, the President delivered his weekly address this weekend, and it was all about how Congress has to help “responsible” homeowners (because the irresponsible ones deserve nothing, after all they fleeced those responsible banks to get the loan). In the address, President Obama contrasted his approach [...]

My Piece in Salon: Underwater Homeowners Face a Tax Time Bomb

By: Thursday August 2, 2012 6:28 am

I have a piece in Salon about an under-the-radar issue I’ve discussed here before. Here’s a long excerpt: The letter from Bank of America Home Loans got right to the point. “We are pleased to inform you that we have approved your Home Equity Account for participation in a principal forgiveness program offered as a [...]

CFPB Report Lays Bare Private Student Loan Market

By: Friday July 20, 2012 11:05 am

The Consumer Financial Protection Bureau has delivered a report to the Senate Banking Committee on the rise of the private student loan industry. This industry took a hit after 2010, when the Affordable Care Act included a provision that ended the practice of private banks administering student loans guaranteed by the government, and just had [...]

Romney Hounded By Continuing Revelations About Bain Capital

By: Monday June 25, 2012 8:30 am

You could either read this as Mitt Romney being defined as a soulless corporate raider early enough for him to have trouble reversing it, or the set of stories on Romney’s early career at Bain Capital coming out too early to be a factor in the Presidential race because nobody’s tuning in at this stage. [...]

As Predicted, Ally Bankruptcy Will Delay Loan Modifications, Settlement Actions for Borrowers

By: Monday May 21, 2012 8:16 am

When Ally Financial’s mortgage unit Residential Capital filed for bankruptcy last week, I had an inkling it would spell trouble for the foreclosure fraud settlement the parent company signed with state and federal regulators. How would individuals get loan modifications in the midst of a bankruptcy proceeding? Sure enough, the New York Post, which actually [...]

Bankruptcy of Ally Mortgage Unit Raises Questions About Foreclosure Fraud Settlement

By: Monday May 14, 2012 1:41 pm

Ally Bank, formerly known as GMAC Mortgage, the nation’s fifth-largest mortgage servicer, put its mortgage subsidiary Residential Capital into bankruptcy. This is part of a continuing effort on the part of Ally, which is still majority-owned by the US government, to escape its mortgage liabilities. But what does it mean for the foreclosure fraud settlement, [...]

Auto Industry Comeback: Creating the Conditions for Success

By: Wednesday April 4, 2012 12:15 pm

Brad Plumer has a well-reported article about the domestic auto industry’s comeback, and how it derived from ending the failed business model of selling more and more gas guzzlers, and responding to consumer desires for lighter, more fuel-efficient cars. It’s a good in-depth piece, here’s an excerpt: “The economic recovery and a deep bench of [...]

General Motors Announces Record Profits

By: Thursday February 16, 2012 9:42 am

General Motors, which the Obama Administration rescued in 2009 with bridge loans as it went through a managed bankruptcy, announced a record annual profit in nominal terms, which will earn the union workers at the company a substantial upside benefit. General Motors earned its largest profit ever in 2011, two years after it nearly collapsed [...]

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