Business Events Bankruptcy

  • People love to read about celebrities who spend huge sums of money on luxury items--even in these hard times. After all, who wouldn’t be amused to learn that Paris Hilton owns a $325,000 doghouse that’s an exact replica of her own mansion?The limits of celebrity conspicuous consumption continue to be pushed. Some of the rich and famous have distinguished themselves through the sheer quantities of cash spent on quirky luxury items—up to $1 million or more. Often, the practicality of these purchas

    Who are some of the celebrities who have spent $1 million or more on decadent extravagances? Click to find out!

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    Over the summer, we witnessed the ugliness and partisan-nature of politics as the debt ceiling debacle took place. The nation's balance sheet needs to be fixed.

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    Three years after the collapse of Wall Street bank Lehman Brothers, the market has yet to fully recover, according to a US banks analyst.

  • SocGen: Is Something Wrong?

    Mad Money host Jim Cramer explains the anatomy of a cataclysmic bank failure and why some securities are saved and others aren't.

  • US Capitol Building with cash

    Late last week, lawmakers on a House Judiciary subcommittee held a hearing focused on banning the practice of bankruptcy protection "forum shopping."

  • FBI Raids Solyndra

    Just days after solar company Solyndra declared bankruptcy, FBI agents raided the company's headquarters in Fremont, California, to collect documents, reports CNBC's Maria Bartiromo.

  • Solyndra's headquarters in Fremont, Calif.

    FBI agents executed search warrants on Thursday at the headquarters of California solar panel manufacturer Solyndra, which received more than $500 million in federal loan guarantees before filing for bankruptcy last week.

  • Construction Highway

    As fall begins, the economy is a mess. Unemployment is at 9.1 percent. The U.S. economy failed to add jobs in August. Consumer confidence is at record lows. The housing market is in despair. Europe is imploding. And, our political leaders cannot seem to put their differences aside to create some certainty and progress.

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    It was quite a long shot when Michael Vick filed for bankruptcy in July 2008, but given the new six-year, $100 million contract the Eagles quarterback signed, the creditors are likely going to get back the $20.3 million Vick owes them.

  • A New York City Police car drives through a flooded intersection on 43nd Street in New York on August 28, 2011 as Hurricane Irene hits the city and Tri State area with rain and high winds.

    As the rain has moved past New York City and Long Island and wind gusts have subsided, it seems to me that we can learn some things from the experience that relate to the government's current handling of the economy.

  • Ever since the housing crisis began, Americans have gotten used to hearing a word that only used to apply to the very desperate --- foreclosure. In the past, the word summoned to mind images of abandoned, dilapidated homes with boarded windows, a vacant porch swing and the occasional tumbleweed.Those days are over now, and the foreclosed home in move-in condition is an increasingly common sight today. It seems like something that can happen to anybody, including famous people. The idea that cele

    Fame is no longer protection from foreclosure, and neither is success. Who are some of the celebrities who have gone through a foreclosure? Find out!

  • Michael Douglas as President Andrew Shepherd in scene from movie "The American President".

    Blogger Jonathan Henes calls for the congressional supercommittee — the "gang of six" — to consider an economic restructuring.

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    As a long-time bond bull, my gratitude to the know-nothings in the Tea Party is profound. So what if they played a major role in taking a thousand points off the stock market in the wake of the U.S. debt downgrade?

  • US Crisis Worse than 2008

    "2008 was more of a crisis of liquidity. This time is much more structurally worse, because we do not have much in the way of ammunition at the Fed," JJ Burns, president of JJ Burns and Co, told CNBC.

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    The past week's market drops and swings are dizzying. Everyday people are commenting that it is scarier than 2008. Now, that probably isn't true because no one is anticipating the inability to take money out of ATMs or the commercial paper market shutting down. Yet, there is something unnerving about the market declines, the uncertainty surrounding the economy and the lack of confidence in political leaders.

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    We had a flash crash. Then we had a flash rally. Now we're flashing again to the downside. I think we should all go away for a few days and give it a rest.

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    Although the country's credit rating has been downgraded and the stock market has plunged, car buyers are still heading into showrooms.

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    In the U.S., is it the fall of the Roman Empire or will our anemic growth pick up steam and help us out of the economic doldrums? Here are five questions to ask.

  • S&P Explains US Downgrade

    David Beers, Standard & Poor's head of government debt rating unit, explains why S&P downgraded the United States' credit rating from AAA to AA . Veteran investor Jim Rogers also weighs in.

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    Just imagine what would have happened to the markets if the debt ceiling wasn't raised. Yesterday, the equity markets fell off a small cliff and gave back the gains for the year. Today, we are watching the markets on a roller coaster ride as investors try to figure out what is really happening in the economy.