Page 301 - Restructuring News Today

Agreement with the federal government, they needed to cough up $5 million and put it in a fund. they couldnt do it. >> greta: that was december of 10? >> december of 2010. >> greta: we knew they couldnt come up with the $5 million? >> we didnt know it. we knew broadly they were in financial trouble. now were getting into the we found out today we needed to come up with $5 million, and department of energy confirms they were told this, and they agreed to renegotiate the contract, and they scrambl...

Lets finish this thing and get capitalism back to america. >> the whole package, obama was ready to go. he said, look, in the beginning of 2009, weve got to do this and do it now. >> what is this? he said we were going to cancel debt, recapitalize the banks, reform the ratings agencies, the whole thing? >> take down the banks. >> we dont need to take down the banks, restructure the banks so they are aligned with our interests. >> absolutely. >> taking down the banks is emotionally gratifying and...

>> greta: now they have egg all over their face they had these photo-ops and promoting and looks great. there are far more grievous things. for instance, i find it more grievous they knew about it a year ago and allowed a restructuring of the loan that suddenly were not first in line, meaning the taxpayers to collect when the bankruptcy proceedings went forward or would go forward. we were suddenly not first in line. suddenly the rich private investors were. >> energy policy act of 2005 say all ...

They went out and had the photo-ops and they are promoting and it looks great to show it off. but there are far more grievous things. for instance, i find it far more grievous that they knew about it a year ago and they allowed a restructuring of the loan and we were not first in line, meaning the taxpayers, to collect when the bankruptcy proceedings would go forward, we were not first in line. suddenly, the rich, private investors were. >> the energy policy affect 2005 says that all taxpayer lo...

>> reporter: you mentioned this earlier that the treasury department is also looking into this. an official there confirms the treasury inspector general is look into the treasury departments role and is making inquiries into all of that. jon: we are talking about half a bill dollars worth of taxpayer money, is that all gone? >> reporter: right now when a company goes bankrupt what happens is it goes through a bankruptcy court, they break the company apart, they sell the pieces of it, see how mu...

Yesterday. a senate panel is reviewing department of energy nominees. this has been a debate about solyndra between democrats and republicans. republicans are saying they rushed the loan guarantees through for political purposes. this debate continues and the investigation goes as well. the energy and commerce committee over on the house side that had that hearing kwreud is still investigating so linda loans that have gone out, loan guarantees that are expected to come out from the stimulus prog...

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Construction program. from the federal budget. they no longer participate in a real economy. from the uaw or minors union. >> membership is falling off a cliff. public sector union membership hovers around 30%. the private sector unions were 20% in 1980. they are down to 7% last year. >> steve, what do you think the president should do if he wanted to grow jobs? >> well, the first thing he should do is repeal obamacare. the one thing he could do, paul, that would create the jobs is call for rest...

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Think back to 1987. a huge crash that didnt affect wall street. once we get rid of the protections -- >> i can use nor analogiesry prof lactics, im not going to. why this time its different, dangerous words. fdr did not another the derivatives. so many -- >> so many equations happening at the same time. >> its moving so fast. the difficulty, the politician process takes type and the markets move dynamically and with speed. youre seeing it today in an automated robot factor. >> we get that. >> in...