bankruptcy   2023

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Employee Costs of Corporate Bankruptcy
An employee’s annual earnings fall by 10% the year her firm files for bankruptcy and fall by a cumulative present value of 67% over seven years.
bankruptcy  wages  Sears  toysrus 
7 days ago by brycecovert
Bury FC: Promotion Isn’t Supposed To Feel This Way | Twohundredpercent
I get the impression there's more of this about. the oligarchs and minigarchs have been tapped out, the pure grifters have moved on, it's time for the walter mittys and e-celebs.
football  bury  fraud  culture  bankruptcy 
17 days ago by yorksranter
Elon Musk: Tesla needs to cut costs or it will run out of money in 10 months • BGR
Yoni Heisler:
<p>When the company last month released its earnings report for the March quarter, it posted a quarterly loss of $702m. That said, it’s worth noting that production, deliveries, and demand for Tesla vehicles have all grown at an impressive clip over the past many months. As an illustrative example, Tesla during Q1 of 2019 manufactured 77,100 vehicles, a figure which well more than double the amount it manufactured during the same quarter in 2018.

Nonetheless, Tesla continues to burn through money at an alarming rate. So much so, in fact, that Tesla CEO Elon Musk recently sent an email (<a href="">obtained via Electrek</a>) wherein the Tesla CEO explained that the company — which has approximately $2.2bn in cash on hand — may not have enough cash to last beyond a period of 10 months.

“This is a lot of money,” Musk said, “but actually only gives us about 10 months at the Q1 burn rate to achieve breakeven!”

Consequently, Musk explained that the company will be taking a much closer look at employee expenses as it pertains to “parts, salary, travel expenses, and rent.”</p>

Seems like it loses money on every car it sells, so upping the production volume doesn't seem like the solution. (Yes yes overheads etc.) Tesla just doesn't seem like a company modelled around profit. Demand outstrips supply, but it can't find a way to satisfy that and also hold onto cash.
tesla  bankruptcy 
28 days ago by charlesarthur
Bankruptcy law: Joe Biden vs. Elizabeth Warren - Vox
The 20-year argument between Joe Biden and Elizabeth Warren over bankruptcy, explained
A clash over a 2005 bankruptcy bill — and a broader contrast in worldviews.
On a granular level, then, both sides of the Warren/Biden argument can claim that some of their main predictions came true, and both sides agree that the bill had at least some good provisions and some bad ones.

But the larger clash of worldviews is as vital as ever. Biden’s 2020 presidential bid explicitly front-loads Trump and his aberrant behavior, casting the former VP’s aspirations in explicitly restorationist terms — Biden will fix what Trump broke. To Warren, by contrast, the system was broken before she ever entered the Senate and the real fight is to overthrow the nexus of special interest politics that reigned in Washington back while The Apprentice was in its first season.
Elizabeth_Warren  Joe_Biden  bankruptcy  credit  student  loans 
5 weeks ago by Quercki
Decade in the Red: Trump Tax Figures Show Over $1 Billion in Business Losses - The New York Times
His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years.
Trump  bankruptcy  business  grade_A  taxes 
5 weeks ago by Marcellus
‘Liz Was a Diehard Conservative’ - POLITICO Magazine
"Warren herself says that in her early academic work she was merely following the dominant theory of the time, which emphasized the efficiency of free markets and unrestrained businesses, rather than holding strong conservative beliefs herself. Still, she acknowledged in our interview that she underwent a profound change in how she viewed public policy early in her academic career, describing the experience as “worse than disillusionment” and “like being shocked at a deep-down level.”

Her conversion was ideological before it turned partisan. The first shift came in the mid-’80s, as she traveled to bankruptcy courts across the country to review thousands of individual cases—a departure from the more theoretical academic approach—and saw that Americans filing for bankruptcy more closely resembled her own family, who struggled financially, rather than the irresponsible deadbeats she had expected.

It wasn’t until Warren was recruited onto a federal commission to help reform the bankruptcy code in the mid-1990s—and then fought for those reforms and lost that battle in 2005—that she became the unapologetic partisan brawler she was in creating the Consumer Financial Protection Bureau, serving in the Senate and, now, stumping on the 2020 campaign trail. “I realize nonpartisan just isn’t working,” she recalls of that second conversion moment. “By then it’s clear: The only allies I have are in the Democratic Party, and it’s not even the majority of Democrats.”

Some friends and colleagues say Warren became radicalized, equating her change to a religious experience, to being born again. “She really did have a ‘Road to Damascus’ conversion when she saw the bankrupt consumers really were suffering—forced into bankruptcy by illness, firing or divorce—and not predators,” Johnson says. Other friends argue Warren’s shift has been more gradual, and that she is not the extremist her opponents have sought to portray her as. “It drives me crazy when she’s described as a radical left-winger. She moved from being moderately conservative to being moderately liberal,” says Warren’s co-author and longtime collaborator Jay Westbrook. “When you look at consumer debt and what happens to consumers in America, you begin to think the capitalist machine is out of line.”"

"What Warren’s Republican history means for her presidential prospects remains unclear. There’s a version of this story in which her politically mixed background makes her the ideal candidate to capture not just the the American left but also the center—a pugilistic populist vowing to take on corporations, a policy-savvy reformer who believes that markets are essential to the economy.

But that’s not the political landscape of 2019. Warren’s tough stance during the financial crisis got her tagged by Republicans and many Democrats as more Harvard liberal than an up-by-the-bootstraps working mom from Oklahoma. And her work on the CFPB alienated much of the financial services industry. Meanwhile, much of the left wing of the Democratic Party, for which she was the banner-carrier after the financial crisis, has found a new champion in the democratic socialist Bernie Sanders. And members of the growing Democratic Socialists of America and the hosts of the popular leftist podcast Chapo Trap House have criticized Warren for her adherence to capitalism. As of this writing, she is generally polling fifth in the Democratic field, and her 2020 fundraising has fallen short of several other rivals’.

With some in the Democratic Party demanding purity, perhaps Warren thinks going back through her Republican history could hurt her. When I suggested near the end of our interview that she might consider talking more about that part of her biography, and her conversion, she was politely noncommittal.

“Sure, sure,” she said, before quickly pivoting back to another question."

[See also:

"A very good read. Warren's story is such a profound American story, and a very deep story about how ideology works, and what it takes to get free.

This is how you get free: You do the work, and embrace the learning.
Warren’s academic career soon took a turn that made her far less comfortable with unfettered free markets. Prompted in part by a surge in personal bankruptcy filings following the passage of new bankruptcy laws in 1978, Warren, Sullivan and Westbrook in 1982 decided to study bankruptcy in a way that was then considered novel in academia: by digging into the anecdotal evidence of individual filings and traveling to bankruptcy courts across the country, often rolling a small copy machine through airports along the way.

Whatever their take on "capitalism" or "socialism," I'm here for leaders who understand how American capitalism in its current form (since the late 1970s; "neoliberalism") has completely failed—both morally and technically.

In the presidential field, there are exactly two.

The intellectual damage of the 1980s is intense. It's immensely to Warren's credit that, as a young woman untenured professor then, she realized—through fieldwork—that she could not in conscience enforce the ideology.

And everyone who went to elite colleges in the US in the 1980s needs to be scrutinized. I remember intro economics in 1985-86. Martin Feldstein preaching the catechism to 1,000 young minds in Sanders Theatre. Midterms where you "proved" why rent control was bad. Deadweight loss!

Three years later those young minds were lining up for "recruiting" as Goldman, Morgan, McKinsey et al swarmed the campus to usher them into the golden cage. This shit happened quickly, people. It's a wonder anyone escaped.

People shaped in the 1990s, with the neoliberal foundation cushioned by Clintonite anesthesia, post-Cold War complacency, and the mystical arrival of the internet, are no better. Probably need even more deprogramming. That's why the arrival of the AOC generation is SUCH A RELIEF."
"Not everyone. A lot of college students in the 1980s were committed activists, from those involved in Divestment from Apartheid South Africa to ACT UP to activism against US policy in Central America."
"Indeed. I was one of them! But that doesn't mean we didn't get coated in the zeitgeist. We all need periodic cleansing."]
elizabethwarren  mindchanging  politics  research  listening  2019  berniesanders  siddharthamitter  billclinton  1990s  1980s  ronaldreagan  economics  martinfeldstein  neoliberalism  2000s  us  policy  bankruptcy  academia  jaywestbrook  highered  highereducation  ideology  fieldwork  rentcontrol  regulation  consumerprotection  democrats  republicans  finance  cfpb  banking  markets 
8 weeks ago by robertogreco
Trump filed for SIX TIMES, so what the hell does he know?

bankruptcy  from twitter_favs
9 weeks ago by Arnte

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