Bankruptcy

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Change is in the air

G.M. to Seek Bankruptcy and a New Start: It also places the government in uncharted territory as a business owner, as it takes a 60 percent ownership stake in the company during its restructuring. The commanding heights are back. We’re socializing the means of production. Meanwhile, California is going back to the 19th century: Nearly…

BusinessWeek, The Tough Road Ahead for GM and Chrysler: The upshot is that some 30 significant players worldwide are fighting over a pie that has shrunk by more than 30% in the past 12 months. The industry can make about 90 million cars worldwide, but it’s selling only about 55 million. Not exactly a forgiving…

Most people have probably read Edmund Andrews’ piece in The New York Times, My Personal Credit Crisis (expanded into the book Busted: Life Inside the Great Mortgage Meltdown). Many raised eyebrows when reading this: We had very different ideas about money. Patty spent little on herself, but she refused to scrimp on top-quality produce, Starbucks…