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October 6, 2008 6:43:22 AM CDT

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Bankrupt! track this thread

Started by Imperator; Last updated Apr 11, 08 7:20 AM CDT by Imperator | View history

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Bankrupt!

In this almost recession they are falling like flies. What company will be go bankrupt next?

Stories

Stories 1 - 20 of 43

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  • October 2008

    • Playboy Woos Posers Who Lost Shirt on Wall St.

      Reuters  |  Oct 2, 08 11:16 AM CDT

      Playboy Woos Posers Who Lost Shirt on Wall St.

      (Newser) - The bear market could create some new bunnies, Reuters reports, with Playboy seeking females from the financial world to pose for an upcoming "Women of Wall Street feature. The magazine—which ran "Women of Enron" and "Women of WorldCom" specials after those companies folded—says it is looking for current and former finance workers, the more senior the better. More »

  • September 2008

    • Lehman's Asset Management Arm Sold on Cheap for $2B

      Financial Times (UK)  |  Sep 30, 08 6:10 AM CDT

      Lehman's Asset Management Arm Sold on Cheap for $2B

      (Newser) - Two private equity firms will acquire Neuberger Berman, the largest and most prestigious component of Lehman Brothers, for $2.15 billion. Bain Capital and Hellman & Friedman will pay in cash for the wealth management firm—an indication of just how stultified credit markets have become. Only a month before Lehman collapsed several potential buyers were considering paying three times as much, reports the Financial Times . More »

    • Bailout Talks Get Stuck on Executive Pay

      New York Times  |  Sep 24, 08 6:08 AM CDT

      Bailout Talks Get Stuck on Executive Pay

      (Newser) - As Washington continues to wrangle over the terms of the Wall Street bailout, one major sticking point has been executive pay packages, with many in Congress looking to punish CEOs seeking taxpayer aid. While lobbyists are pushing back hard, some kind of restraint on compensation seems unavoidable, reports the New York Times . Predicts Arthur Levitt, former head of the SEC: “The golden egg has disappeared.” More »

    • Raise Your Hand if You Want Part of the Bailout

      New York Times  |  Sep 22, 08 8:03 AM CDT

      Raise Your Hand if You Want Part of the Bailout

      (Newser) - Where there’s $700 billion of government money, there are lobbyists. Financial institutions are jockeying for their piece of the massive bailout bill that’s being rushed through Congress, the New York Times reports, with everyone from insurers to mortgage lenders looking to profit by unloading assets under the most favorable terms. Competition is also fierce to manage those assets once the government acquires them, a $1 billion-per-year job. More »

    • Dems Set Their Own Terms for Bailout Plan

      New York Times  |  Sep 22, 08 6:43 AM CDT

      Dems Set Their Own Terms for Bailout Plan

      (Newser) - As Hank Paulson did the Sunday talk shows, Democrats in the House and Senate set down their own terms for a plan to rescue the nation's financial institutions—one that would give Congress greater oversight over the treasury. Barney Frank, who chairs the House Financial Services Committee, put forward his party's changes to the Bush plan, which also include an assistance program for homeowners and a limit on executive compensation. More »

    • Short Sellers Vilified But Vindicated

      Time  |  Sep 19, 08 3:36 PM CDT

      Short Sellers Vilified But Vindicated

      (Newser) - In a memo to Morgan Stanley employees, CEO John Mack fumed that the investment bank was being attacked "by fear and rumors, and short sellers are driving our stock down." Today, following similar action in the UK, the SEC banned short selling of 799 financial companies to stem sliding prices. But while short sellers may be vultures, they aren't fools: generally, writes Time , a company's stock get shorted when it's already in trouble. More »

    • US Zeroes In on Sweeping Rescue Plan

      Wall Street Journal  |  Sep 18, 08 8:35 PM CDT

      US Zeroes In on Sweeping Rescue Plan

      (Newser) - The nation's top finance officials briefed members of Congress tonight on an unprecedented plan in the works to keep troubled institutions afloat, the Wall Street Journal reports. Treasury chief Henry Paulson and Fed chief Ben Bernanke said they would work through the weekend to get something to lawmakers for a vote next week. The centerpiece reportedly remains a mechanism to buy bad loans from banks. More »

    • Goodbye Cheap Money, Hello Recession

      Washington Post  |  Sep 18, 08 10:06 AM CDT

      Goodbye Cheap Money, Hello Recession

      (Newser) - On paper, the losses from the credit crisis are probably "the greatest destruction of financial wealth that the world has ever seen," writes Steven Pearlstein. But the trillions that have disappeared aren't the biggest casualty of the last year. Rather, says the Washington Post columnist, we are undergoing a fundamental recalibration about credit—the era of cheap money is over. More »

    • UK's Largest Mortgage Lender in Buyout Talks

      Financial Times (UK)  |  Sep 17, 08 10:36 AM CDT

      UK's Largest Mortgage Lender in Buyout Talks

      (Newser) - Britain's biggest mortgage lender, HBOS, is in advanced discussions with Lloyds about a possible buyout, reports the Financial Times . Stock in the troubled lender has yo-yoed today, falling to less than a pound a share before rocketing up and then plummeting again. While a Lloyds purchase of HBOS could trigger monopoly concerns, several bankers close to the talks said the government was prepared to ignore competition issues in the short term. More »

    • Hank and Ben: Time to Play Offense

      New York Times  |  Sep 17, 08 7:15 AM CDT

      Hank and Ben: Time to Play Offense

      (Newser) - If you'd told economists 18 months ago what lay ahead in the financial industry, predictions for the American economy would be dire. The fact that things aren't totally awful—we still haven't entered into a recession—is testament to the good defense of Hank Paulson and Ben Bernanke. What they aren't doing, writes David Leonhardt in the New York Times , is fixing the underlying problems that led to Lehman's failure and AIG's bailout. More »

    • Thain Made Most of Merrill's Ugly Position

      Slate  |  Sep 16, 08 2:34 PM CDT

      Thain Made Most of Merrill's Ugly Position

      (Newser) - As the credit market self-destructed, Merrill Lynch and Lehman Brothers faced similar problems. The difference, Henry Blodget writes in Slate, is that Merrill’s John Thain played his cards right, and Lehman’s Dick Fuld didn’t. Brought in to clean house after Stan O’Neal’s high-risk strategy exploded, Thain immediately cleaned up the balance sheet. Making the best of bad options netted shareholders $50 billion. More »

    • Wall Street Rumbling Means Little on Main Street

      Times (UK)  |  Sep 15, 08 9:29 AM CDT

      Wall Street Rumbling Means Little on Main Street

      (Newser) - Fannie and Freddie have been nationalized, Lehman has collapsed, Merrill Lynch has been bought out—an economic disaster, right? Not really, Anatole Kaletsky writes in the Times of London: The US economy is actually showing signs of improvement. More than ever, "there is no contradiction between expecting a recovery, or at least stability, in the US economy and chaos in its financial system." More »

    • Lehman Files Biggest Chapter 11 Ever

      Bloomberg  |  Sep 15, 08 7:42 AM CDT

      Lehman Files Biggest Chapter 11 Ever

      (Newser) - Lehman Brothers gasped its last breath this morning, filing for Chapter 11 protection in Manhattan under a crushing $613 billion in debt, the largest—and potentially most frightening—bankruptcy in US history, reports Bloomberg. Experts say the filing is likely to trigger a domino effect in the US economy. More »

  • August 2008

    • Boscov's Files for Chapter 11

      Associated Press  |  Aug 4, 08 2:18 PM CDT

      Boscov's Files for Chapter 11

      (AP) - The troubled department store chain Boscov's filed for Chapter 11 bankruptcy protection today, becoming the latest victim of the harsh consumer spending environment. The Reading, Pa.-based chain said it will close 10 of its 49 stores, citing sluggish consumer spending and credit issues—and acknowledging that some of its suppliers had stopped shipping merchandise to the company—as contributing factors. More »

  • July 2008

    • Bankruptcy Shutters Bennigan's, Steak & Ale

      Wall Street Journal  |  Jul 29, 08 2:33 PM CDT

      Bankruptcy Shutters Bennigan's, Steak & Ale

      (Newser) - In a move that has hundreds of restaurants closed and thousands of workers laid off, casual-dining chains Bennigan’s and Steak & Ale filed for bankruptcy today, the Wall Street Journal reports. Sources say the restaurants’ parent company—which violated a lending agreement this year—had put off declaring bankruptcy for months as it negotiated with lenders. More »

    • Steve & Barry's Heads to Chapter 11

      Wall Street Journal  |  Jul 9, 08 7:51 AM CDT

      Steve & Barry's Heads to Chapter 11

      (Newser) - Dress-down discount clothing retailer Steve & Barry’s, which launched its first store nearly a quarter-century ago, could file for Chapter 11 bankruptcy protection as early as today after a fruitless search for rescue financing, reports the Wall Street Journal. The trendy retailer could close all of its 275 outlets, many of which are cavernous anchor stores in financially-squeezed malls. More »

    • Vick Files for Bankruptcy

      Bloomberg  |  Jul 8, 08 9:01 AM CDT

      Vick Files for Bankruptcy

      (Newser) - Imprisoned former NFL quarterback Michael Vick filed for Chapter 11 bankruptcy protection yesterday, Bloomberg reports. Vick reported debts of between $10 million and $50 million, with listed assets also at $10 million to $50 million. Vick owes millions to numerous parties, including the Atlanta Falcons and the Royal Bank of Canada.