Detailed text transcripts for TV channel - MSNBC - 20130531:07:19:00
Bankruptcy system to avoid pension obligations happens quite a bit. this is what's particularly egregious about the situation. patriot coal was a company created by the larger peabody energy in 2007. patriot was spun off from peabody, taking a whole lot of peabody's liabilities but only a smidgeon of its assets. the move was best summarized by temple university professor bruce raider in a paper called "designed to fail, the case of patriot coal." he said patriot coal was created just to go bankrupt. at the time, peabody's cfo happily announced, hey look, our health care liability and related e...
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