Showing posts with label bankruptcy. Show all posts
Showing posts with label bankruptcy. Show all posts
AP: Post Office Is Another Government Debt Machine
Loses mount to $5.1 billion. The U.S. Postal Service said Tuesday it has lost $5.1 billion in the past year, pushing it closer to imminent default on a multibillion-dollar payment and to future bankruptcy as the weak economy and increased Internet use drive down mail volume. The financial losses for the year ended Sept. 30 came despite deep cuts of more than 130,000 jobs ... MOREBLOOMBERG: More Tax Money Wasted On Green Energy
Another taxpayer-backed company goes bankrupt. Beacon Power Corp., an energy- storage company that received $43 million in backing from the U.S. program that supported failed solar-panel maker Solyndra LLC, filed for bankruptcy after struggling to raise private financing. The money-losing company, which makes flywheels that manage energy moving through ... MOREChristopher Chantrill: Subsidies Have Consequences
The ruling class doesn't have a clue about business. To an Obami like Jay Carney, White House press secretary, the failure of corporate crony Solyndra is "just the way business works." You win some, you lose some. Only, of course, the way business works is that when you lose, it's supposed to be your money that gets lost. As Matthew Continetti points out, under ... MOREDestroying Value Is What Government Does Best
by Sheldon Richman. In Cleveland and other American cities homes are being demolished because five years after the housing bust there is nothing better to do with them. Therein lies a lesson in Austrian business cycle theory. In a world of uncertainty, waste — the destruction of value — is inevitable. Human action, which aims to replace inferior ... MOREVIDEO: Green Monsters In The White House
Bad news for Barry! A peek inside the bubbling Solyndra scandal.
Matthew Daly: Obama Admin Approves $1B in Solar Loans
It worked so well with Solyndra. The Energy Department on Wednesday approved two loan guarantees worth more than $1 billion for solar energy projects in Nevada and Arizona, two days before the expiration date of a program that has become a rallying cry for Republican critics of the Obama administration's green energy program. Energy Secretary Steven Chu ... MORESolyndra's Creditors Include California Democratic Party
The stench of money laundering. Among the roughly 5,000 creditors named by Solyndra, a bankrupt solar energy company that is under investigation for losing a half billion dollars in federal loans, is the California Democratic Party, which says it doesn't know why. The bankruptcy filing doesn't say why the organization is listed as one of the creditors or ... MOREShikha Dalmia: Driving To Delusionville
Obama's former auto czar in deep denial about bailout. The former Obama auto czar, Ron Bloom, was on Capitol Hill last week telling Congress what a grand bargain the auto bailout has turned out to be for taxpayers. (His testimony should be on the Syfy channel.) But much was missing from his story that he might have heard if he had hung around for the next panel ... MOREJohn Stossel: Battle Of The Budgets
Since America is on the road to bankruptcy, we've got to make some changes. What would you do? The Peter G. Peterson Foundation gave $200,000 to six think tanks to write budget proposals. The money went to the conservative American Enterprise Institute and Heritage Foundation; the "liberal" Center for American Progress, Economic Policy Institute, and Roosevelt ... MOREHousing Decline: Only Halfway Home
When Reuters and CNBC.com announced the awful housing numbers from February, most observers were surprised. The housing market appeared to have found a bottom last fall, and many economists were expecting small but predictable improvements every month.The Commerce Department, however, doused whatever positive expectations there were when they announced that new home ... MORE
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