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Keyword: nationalization

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  • General Motors files for bankruptcy protection (GM Nationalized)

    06/01/2009 8:58:24 AM PDT · by Deek · 111 replies · 4,949+ views
    NEW YORK – General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets. "The General Motors board of directors authorized the filing of a Chapter 11 case with regret that this path proved necessary despite the best efforts of so many," a company statement said. "Today...
  • Once Considered Unthinkable, U.S. Sales Tax Gets Fresh Look

    05/27/2009 2:33:22 PM PDT · by Dubya-M-DeesWent2SyriaStupid! · 54 replies · 3,353+ views
    Washington Post ^ | May 27, 2009 | Lori Montgomery
    Levy Viewed as Way to Reduce Deficits, Fund Health Reform With budget deficits soaring and President Obama pushing a trillion-dollar-plus expansion of health coverage, some Washington policymakers are taking a fresh look at a money-making idea long considered politically taboo: a national sales tax.
  • More evidence emerges that Chrysler Dealer closings was politically motivated

    05/27/2009 9:01:10 AM PDT · by Scanian · 101 replies · 5,632+ views
    The American Thinker ^ | May 27, 2009 | Rick Moran
    I wrote yesterday of the possibility that Chrysler dealers who had been given the ax were disproportionately Republican - many of them large contributors to GOP candidates and the RNC. Now comes more evidence that these dealer closings were politically motivated. Through Reliapundit at Astute Bloggers, we learn that the lawyer for the dealers being torpedoed believes that the closings were ordered not by Chrysler, but by the White House: (via Reuters ) A lawyer for Chrysler dealers facing closure as part of the automaker's bankruptcy reorganization said on Tuesday he believes Chrysler executives do not support a plan to...
  • Where Will the Government Draw the Line in Nationalizations?

    05/26/2009 12:34:38 PM PDT · by arthurus · 5 replies · 381+ views
    Seeking Alpha ^ | May 24, 2009 | Joel West
    Investors who put their money into the nationalized sector — whether in equities or bonds — have to realize that their rights as investor/lenders will be subordinated to the national government’s industrial policy. The business school term for this is “political risk,” normally referring to third world countries where the rule of law is not yet established.
  • More banks may have to be nationalised, says IMF

    05/21/2009 9:21:23 AM PDT · by TigerLikesRooster · 7 replies · 364+ views
    Telegraph ^ | 05/21/09 | Edmund Conway
    More banks may have to be nationalised, says IMF Alistair Darling must stand ready to pump more capital into Britain's beleaguered banks, perhaps nationalising other high street names, the International Monetary Fund has warned. By Edmund Conway Last Updated: 1:46PM BST 21 May 2009 The Fund believes that although the drastic measures to prop up Royal Bank of Scotland, Lloyds Banking Group and other major lenders had prevented them from collapse, more public money needs to be poured in if the economy is to get back to full strength. The alternative is a "zombie" recovery as banks continue to withhold...

    05/19/2009 12:29:20 PM PDT · by autumnraine · 287 replies · 13,297+ views
    Reuters Via Drudge Report ^ | 05/19/2009 | Chelsea Emery and Tom Hals
  • Letter from a Dodge dealer

    05/19/2009 10:29:47 AM PDT · by American Dream 246 · 383 replies · 13,971+ views
    American Thinker ^ | 5/19/09 | American Thinker
    My name is George C. Joseph. I am the sole owner of Sunshine Dodge-Isuzu, a family owned and operated business in Melbourne, Florida. My family bought and paid for this automobile franchise 35 years ago in 1974. I am the second generation to manage this business. We currently employ 50+ people and before the economic slowdown we employed over 70 local people. We are active in the community and the local chamber of commerce. We deal with several dozen local vendors on a day to day basis and many more during a month. All depend on our business for part...
  • Chrysler to revoke franchises of 6 Houston-area dealerships

    05/14/2009 1:18:46 PM PDT · by Snickering Hound · 31 replies · 1,555+ views
    KHOU-Houston ^ | 5-14-09 | Lee McGuire
    HOUSTON -- Chrysler is revoking their franchise with six Houston-area car dealerships. The dealerships include Rogers Dodge of Alvin, Baytown Chrysler Jeep Dodge, Archer Dodge in Stafford, Archer Chrysler-Plymouth in Houston, Archer Chrysler Jeep West in Houston and Jim Archer Chrysler-Jeep in Houston. Chrysler made the announcement as part of its bankruptcy court filing Thursday morning. The franchises will be revoked by early June, the company said. Through his secretary, dealership owner Robert Archer told 11 News he would have no comment today.
  • The End of America's Financial Independence?

    05/05/2009 8:07:24 AM PDT · by BJClinton · 12 replies · 961+ views ^ | 04-28-2009 | Gary D. Halbert
    IntroductionPresident Barack Obama recently set the wheels in motion to render the ultimate control of our large financial institutions, large insurance companies, large hedge funds and quite possibly our financial markets as well, to a foreign entity. A new international regulatory agency was created at the recent G-20 Summit in London, and all G-20 countries signed onto it. Sadly, you probably have not heard a word about it until now. Prepare to be outraged as you read what follows. And I will tell you how to confirm it on your own. Every freedom-loving American - whether conservative, moderate or liberal...
  • BMI's Gainor Tells House Subcommittee Liberal Bias Has Hurt Newspapers

    04/23/2009 8:41:07 AM PDT · by Zakeet · 16 replies · 1,660+ views
    NewsBusters ^ | April 23, 2009 | Matthew Philbin
    On April 21, the Business and Media Institute's Dan Gainor testified before the House Judiciary Committee's Courts and Competition Policy in a hearing on "A New Age for Newspapers." As MRC's Tim Graham wrote on April 22, the hearing was spurred by the steady drumbeat of newspaper closings around the country, and calls from some Democrat lawmakers to bail out and subsidize the newspaper business. While others testified on newsprint business models and the impact of the Internet, Gainor's statement to the subcommittee highlighted liberal bias as a major factor in the industry's decline. "The concept of a journalist as...
  • Freddie Mac CFO Hangs Self in Basement

    04/22/2009 8:14:29 AM PDT · by truthnomatterwhat · 90 replies · 3,946+ views
    The Voice Magazine ^ | April 22, 2009 | Jennifer LeClaire
    David Keller was found dead in his home Tuesday morning in an apparent suicide. Keller, 41, has served as the acting chief financial officer (CFO) for Freddie Mac since September. Kellerman reportedly hanged himself in the basement of his Reston, Va. home. The Fairfax County Police Department said there are no signs of foul play. Keller took over as CFO when Anthony “Buddy” Piszel resigned in the wake of the government takeover. The news comes on the heals of Freddie Mac CEO David Moffett's resignation last month. The government-controlled Freddie Mac owns or guarantees about...
  • Obama’s budget will make us the most socialist country in the world

    04/22/2009 4:44:07 AM PDT · by Scanian · 14 replies · 694+ views
    SF Examiner ^ | April 21, 2009 | Karen Hart
    In the famous tale “The Devil and Daniel Webster,” Jabez Stone sold his soul to the devil to enjoy seven years of prosperity. He was even able to bargain for three more years before the “mortgage fell due,” but regardless the mortgage came due and the devil was there to collect. America has sold its soul for unsustainable entitlements, and the price could very well be our capitalistic society as we move closer and closer to socialism. Socialism, as Winston Churchill defined it, is a philosophy of failure. Yet when President Barack Obama fired the CEO of GM, the American...
  • A Backdoor Nationalization: The latest Treasury brainstorm will retard a banking recovery.

    04/21/2009 2:52:15 AM PDT · by Scanian · 2 replies · 515+ views
    The Wall Street Journal ^ | April 21, 2009 | Editorial
    Just when you think the political class may have learned something in months of trying to fix the banking system, the ghost of Hank Paulson returns to haunt the Treasury. The latest Beltway blunder -- and it would be a big one -- is the Obama Administration's weekend news leak that it may insist on converting its preferred shares in some of the nation's largest banks into common equity. The stock market promptly tumbled by more than 3.5% yesterday, with J.P. Morgan falling 10% and financial stocks as a group off 9%, as measured by the NYSE Financials index. Note...
  • U.S. May Convert Banks’ Bailouts to Equity Share

    04/19/2009 11:19:02 PM PDT · by cdchik123 · 5 replies · 454+ views
    nyt ^ | 4/19/09 | EDMUND L. ANDREWS
    WASHINGTON — President Obama’s top economic advisers have determined that they can shore up the nation’s banking system without having to ask Congress for more money any time soon, according to administration officials. In a significant shift, White House and Treasury Department officials now say they can stretch what is left of the $700 billion financial bailout fund further than they had expected a few months ago, simply by converting the government’s existing loans to the nation’s 19 biggest banks into common stock. Converting those loans to common shares would turn the federal aid into available capital for a bank...
  • U.S. May Convert Banks' Bailouts to Equity Share

    04/19/2009 6:56:03 PM PDT · by zaphod3000 · 26 replies · 1,062+ views
    WASHINGTON — President Obama’s top economic advisers have determined that they can shore up the nation’s banking system without having to ask Congress for more money any time soon, according to administration officials. In a significant shift, White House and Treasury Department officials now say they can stretch what is left of the $700 billion financial bailout fund further than they had expected a few months ago, simply by converting the government’s existing loans to the nation’s 19 biggest banks into common stock. Converting those loans to common shares would turn the government aid into available capital for a bank...
  • Dr. Peter Morici: Taxing grandma to pay Goldman Sachs

    Monday afternoon, Goldman Sachs reported much larger than expected first quarter profits, and this comes on the heels of Wells Fargo’s strong earnings reported last week. No one should be surprised. The Federal Reserve has provided the banks with lots of cheap funds through its various emergency lending facilities and quantitative easing. The Federal Reserve has permitted the banks and financial houses to park vast sums of unmarketable paper on its books—securities made nearly worthless by the misjudgment and avarice of bankers. In return, the Fed has provided these scions of finance with fresh funds, cheaply, that they may lend...
  • Four months and $25 billion taxpayer dollars later

    03/31/2009 11:32:26 AM PDT · by cc2k · 11 replies · 702+ views
    The Office of Senator Mitch McConnell ^ | Tuesday, March 31, 2009
    Four months and $25 billion taxpayer dollars later from the Office of Senator Mitch McConnell Tuesday, March 31, 2009 ‘Those of us who oppose unlimited bailouts for struggling automakers don’t want these companies to fail. We want them to succeed’ WASHINGTON, D.C. - U.S. Senate Republican Leader Mitch McConnell made the following remarks on the Senate floor Tuesday regarding the administration’s auto bailout plan: “The significance of the U.S. auto industry as a symbol of American creativity, industriousness, and prosperity is hard to overstate. So is the importance of its continued survival to the millions of American workers who design,...
  • Bank of North Dakota: A Compelling Case for Nationalization?

    03/31/2009 10:20:03 AM PDT · by BGHater · 8 replies · 591+ views
    Minyanville ^ | 31 Mar 2009 | Scott Reeves
    There’s been a bit of ballyhoo lately about the Bank of North Dakota, the only state-owned bank in the United States. It was created about 90 years ago as part of the populist resistance in the Upper Midwest to New York bankers making decisions on who got farm loans. But the Bank of North Dakota isn’t a model for the creation of government-run banks to save us from the horror of Citigroup (C), Bank of America (BAC) or JPMorgan Chase’s (JPM) takeover of Washington Mutual. Here’s why: North Dakota’s population is about 640,000 and it’s hard to see how a...
  • Welcome, Businessmen, to Government Oversight

    03/30/2009 4:30:14 AM PDT · by The Working Man · 3 replies · 485+ views
    Wall Street Journal, Opinion Page ^ | March 30, 2009 | VICTORIA TOENSING
    Welcome AIG, Citicorp, GM and other stimulees to the financial controls of the stimulator, the federal government. But wait, it is now not just the recipients of Troubled Asset Relief Program (TARP) money and other taxpayer funds who are to be regulated. According to "sources," the White House is considering salary controls for "all financial institutions" and "publicly traded companies," not just those receiving "federal bailout money."
  • U.S. stock futures slump as GM may go bankrupt

    03/30/2009 3:24:28 AM PDT · by EBH · 74 replies · 1,703+ views
    Market Watch ^ | 03/30/2009 | Steve Goldstein
    LONDON (MarketWatch) -- U.S. stock futures slumped on Monday, as the White House said bankruptcy was a possibility for General Motors and Chrysler while hopes for a new round of global stimulus spending appear thwarted. S&P 500 futures fell 21.4 points to 794.70 and Nasdaq 100 futures fell 30.75 points to 1,225.20. Dow industrial futures dropped 187 points... ...Wagoner's apparent successor, COO Fritz Henderson, wasn't warmly received