* You are viewing Posts Tagged ‘Bankruptcy’
Tags: Bankruptcy, Debt, Governor Chris Christie, New Jersey, portrait of the day, sketch of the day
Sharpie on today’s newsprint
Faced with a bankrupt state government, New Jersey’s new governor, Chris Christie is serving up some tough love.
Happy Valentines Day!
Tags: Bankruptcy, Mary Berner, portrait of the day, Reader's Digest, sketch of the day
Ball point pen on the morning newsprint
Readers Digest was founded in 1922 and grew into the nations most popular general interest magazine, but Mary Berner, the CEO of the family orientated publishing company, has found a tough row to hoe. Advertising dollars are trending away from print as traditional media is loosing market share. Yesterday the publisher announced it has filed for Chapter 11 bankruptcy.
For years, the highlight of going to the dentist or doctors office was picking up the Digest in the waiting room to see the C.F. Payne illustrations on the back covers.
Tags: Bankruptcy, GM, portrait of the day, richard wagoner, sketch of the day
Ball point pen on the morning newsprint
Yesterday, auditors from the Deloitte & Touche accounting firm reported that despite the $13.5 billion GM received in bailout money “recurring losses from operations, stockholders’ deficit and inability to generate sufficient cash flow to meet our obligations and sustain our operations raise substantial doubt about our ability to continue as a going concern,”
GM has lost $82 billion in the past three years including $30.9 billion last year. The company’s stock closed yesterday at $1.86 per share. Yet despite all that abysmal news, the audit revealed Rick Wagner’s pay package for 2008 was worth $14.9 million.
Yesterday the dow closed at 6,594. How can investors feel confident in the market with these modern day Neros in charge?
Did we really need Deloitte & Touche to tell us that GM’s business model was broken? Even a guy who draws pictures could see the writing on the wall. Some past doodles of Rick.
