Emergency Restructuring News Today

a weekend of fraught negotiations in switzerland, as the authorities there, its central bank and leaders of its two biggest banks tried to prevent another damaging financial crisis. late on sunday, it was announced the troubled bank credit suisse was being taken over by its rival ubs in a government—backed rescue worth more than $3.1 billion. thats less than half the value of credit suisse at the close of trade on friday. the deal�*s been widely welcomed, including by the bank of e...

Weve been talking a lot about wisconsin and the budget woes and how it could affect schools. well, education officials in michigan have okayed a plan that would call for drastic cuts. its an emergency restructuring that would wipe out the districts $327 million deficit by 2014. but it comes with a heavy price. half of the citys public schools would close, average high school class size would increase to 60 students per classroom. there would also be teacher layoffs, severe cuts to bus service, a...