Page 87 - Liquidation News Today

well, good evening. im erin burnett. we have breaking news tonight. extraordinary scene on capitol hill today. the chinese activist at the center of the firestorm interrupted a hearing, cried out for help. chen guangcheng the blind chinese dissident who sought refuge in the american embassy in beijing called into the emergency hearing about his case and pleaded through a translator -- you can see the call happening, asking specifically to speak with secretary of state hillary clinton. ...

an extraordinary scene on capitol hill today. the chinese activist at the center of the firestorm between the united states and china interrupted a hearing, cried out for help. chen guangcheng, the blind dissident who sought refuge in the american embassy in beijing called into an emergency hearing about his case and pleaded through a translator as you can see the call happening, asking specifically to speak with secretary of state hillary clinton. [ speaking foreign language ] >> i re...

Been a liquidation. it may have been a reorganization. but again, i come from southwestern pennsylvania. you let the steel go bankrupt. it was as big and dominant a muscular presence in american economy as city bank was. we let it go. we let lots of steel companies go. >> im not degrading their loss. but city bank and bank of america have a trillion dollars of deposits that the u.s. government insures. how would you have -- where we going to find that money? >> again. we have go through the proc...

The bankruptcy process may have been a liquidation, may have been reorganization. but again i come from southweste southwestern pennsylvania. we let the steel company go. we let it go. >> i am not degrading their loss but citibank and bank of america have a trillion dollars of deposits that the u.s. government insures. where are we going to find the money? >> we go through the process as you would in any kind of structured bankruptcy. we set the wrong template when we bailed out one bank and not...

Been a liquidation. it may have been a reorganization. but again, i come from southwestern pennsylvania. you let the steel go bankrupt. it was as big and dominant a muscular presence in american economy as city bank was. we let it go. we let lots of steel companies go. >> im not degrading their loss. but city bank and bank of america have a trillion dollars of deposits that the u.s. government insures. how would you have -- where we going to find that money? >> again. we have go through the proc...

Been a liquidation. it may have been a reorganization. but again, i come from southwestern pennsylvania. you let the steel go bankrupt. it was as big and dominant a muscular presence in american economy as city bank was. we let it go. we let lots of steel companies go. >> im not degrading their loss. but city bank and bank of america have a trillion dollars of deposits that the u.s. government insures. how would you have -- where we going to find that money? >> again. we have go through the proc...

10% rate for people in this country. i think the idea of everybody paying tax social security a good thing and i think having a two rate system with a higher rate for those who make more money was a nice way to balance it and simplify the tax code. to me, the most important thing is simpleification. unlike most people run for political office, i do my own taxes. so i did when i was a congress in the senate, i thought if im going to vote on tax changes, im going to see how it complicates my life....

Faced a hard and once unageable realities. that two of the big three automakers, gm and chrysler, were on the bring of liquidation. the heartbeat of american manufacturing was flat lining. and we had to make a choice. with the chi economy in complete free-fall, there were no private investors or companies out there willing to take a chance on the auto industry. nobody was lining up to give you guys loans. anyone in the financial sector can tell you that. so we could have kept giving billions of ...

The money comes after they have gone through bankruptcy. what the obama people did, they started writing checks until they realized i was right. they needed to go through managed bankruptcy. when they got it done, they were able to get their legs underneath them. im delighted to seat companies back and thriving. and lay out a plan not just to be the motor city of america but the motor city of the world. >> chris: to follow-up on that. there are a number of people, number of top leaders in michig...

Bankruptcy which which is what you advocated all along. critics say there is a problem with that. let me pointed that out. with government money, the two companies, chrysler and gm went through chapter 11 reorganization which was faster and easier. without government money they would have gone through chapter 7 liquidation which the companies say would have cost thousands of jobs. critics say one of the reason they needed the government money is that private companies refuse to give them any mon...