Category: Bankruptcy

Month in Review: June, 2015

17 July, 2015 (10:00) | Bankruptcy, California, CalPERS, Delhi, Greece, India, Municipal bankruptcy, Olympics, Pollution, Public-employee pensions, Stockton, Urbanization, US News | No comments

By: David A. Smith Thought of the day, courtesy of my most faithful reader: If Vladimir Putin hadn’t wasted $50 billion (yup, billion) creating the instant-white-elephant of Sochi’s Olympics, he would have had the cash to buy Greece out of its difficulties and dramatically upset the European applecart. ”So, Vlady, you got that fifty extra-large […]

The bankruptcy lottery: Part 6, Equity would have been worthless

14 July, 2015 (10:00) | AIG, Bailouts, Bankruptcy, Chapter 11, Credit default swap, Federal Reserve, Geithner, Illegal extractions, Insurance, Law, Lehman Weekend, Speculation, Takings clause, TARP, US News | No comments

[Continued from yesterday’s Part 5 and the preceding Part 1, Part 2, Part 3 and Part 4.] By: David A. Smith “It’s Tessie,” Mr. Summers said, and his voice was hushed. “Show us her paper. Bill.” Bill Hutchinson went over to his wife and forced the slip of paper out of her hand. It had […]

The bankruptcy lottery: Part 5, Uncontrolled caprice of officials

13 July, 2015 (11:12) | AIG, Bailouts, Bankruptcy, Chapter 11, Credit default swap, Federal Reserve, Geithner, Illegal extractions, Insurance, Law, Lehman Weekend, Speculation, Takings clause, TARP, US News | No comments

[Continued from Friday’s Part 4 and the preceding Part 1, Part 2, and Part 3.] Instant wakeup analysis of today’s Greek bailout agreement by David Mamet (in Glengarry Glen Ross, 1992) Williamson: If the sale sticks, it will be a miracle. Levene: I just closed eighty-two grand.  I’m back, this is only the beginning. Williamson: […]

The bankruptcy lottery: Part 3, No right to control a company

9 July, 2015 (10:00) | AIG, Bailouts, Bankruptcy, Chapter 11, Credit default swap, Federal Reserve, Geithner, Illegal extractions, Insurance, Law, Lehman Weekend, Speculation, Takings clause, TARP, US News | No comments

[Continued from yesterday’s Part 2 and the preceding Part 1.] By: David A. Smith At one time, some people remembered, there had been a recital of some sort, performed by the official of the lottery, a perfunctory, tuneless chant that had been rattled off duly each year; some people believed that the official of the […]

The bankruptcy lottery: Part 2, The FRBNY Doomsday Book

8 July, 2015 (10:00) | AIG, Bailouts, Bankruptcy, Chapter 11, Credit default swap, Federal Reserve, Geithner, Illegal extractions, Insurance, Law, Lehman Weekend, Speculation, Takings clause, TARP, US News | No comments

[Continued from yesterday’s Part 1.] By: David A. Smith The lottery was conducted – as were the square dances, the teen club, the Halloween program –by Mr. Summers, who had time and energy to devote to civic activities. – Shirley Jackson, The Lottery In yesterday’s Part 1, we opened up the Court of Federal Claims […]