Alabama's largest county is laying the groundwork for filing what would be the largest municipal bankruptcy in U.S. history, over a more than $3 billion debt for its sewer system.
The weekend ended with no deal on the debt ceiling. As I wrote last week, there are at least five reasons why the debt ceiling may not get raised. As we head into this week, the common wisdom remains that the debt ceiling will be raised one way or another. But will it?
We are witnessing a classic restructuring negotiation. The Administration and Congress are negotiating a plan to restructure the federal government. The dynamics of the debt ceiling restructuring negotiations resemble corporate restructuring negotiations.
The Administration and many Republicans say they want big cuts - a “grand bargain” of up to $4 trillion. The Administration wants the cuts to be coupled with taxes. The Republicans will not vote in favor of raising the debt ceiling if taxes are included. And, this is the ideological divide. Will either side blink?
For far too long, states and municipalities spent above their means, creating massive structural budget deficits.
A U.S. default isn't a matter of "if" but "when," David Murrin, chief investment officer at Emergent Asset Management, told CNBC.
The major issue facing states and municipalities is the unsustainability of their defined benefit public pension plans. States and local governments made promises to public employees that upon retirement they would receive defined payments for the rest of their lives.
After yet another midnight wait for a more or less cryptic "policy" statement by EU officials, CNBC puts together a translation of the hermetic euro policy language into plain English.
Yesterday, Fitch Ratings downgraded Minnesota from AAA to AA-plus. Minnesota is locked in a budget battle and was required to balance its budget by midnight on June 30 or face a shutdown of its government. Minnesota missed the deadline and the government is now shut down.
Americans who illegally download songs and movies may soon be in for a surprise: They will be warned to stop, and if they don’t, they could find their Internet access slowing to a crawl, the New York Times reports.
After steadily climbing for several years, the number of Americans filing for bankruptcy is on the decline, though that is not necessarily an indicator of an improving economy the New York Times reports.
The markets seem to believe that the federal government will raise the debt ceiling before August 2. And the markets may be right.
A Delaware judge on Tuesday authorized the Los Angeles Dodgers to enter into a $150 million bankruptcy financing arrangement after the club satisfied certain concerns raised by Major League Baseball, which had filed an objection offering its own financing proposal and blasting owner Frank McCourt's stewardship of the team.
"It is not unrealistic for China to backstop the euro zone crisis," said Mark Mobius, the executive chairman of Templeton Emerging Markets Group in an interview with CNBC on Tuesday from Monaco.
Early this morning, Los Angeles Dodgers owner Frank McCourt filed for Chapter 11 bankruptcy in what was his last attempt to keep the team under his ownership. Sal Galatioto, president of sports investment bank Galatioto Sports Partners, stopped by on CNBC's The Strategy Session today to discuss the recent development.
I blogged Friday that Dykstra has started tweeting, a difficult task considering the only mode of communication in lockup is a pay phone. Who was actually running his Twitter account? This weekend, I heard from that person—Daniel Herman, who says he is Dykstra's business manager.
Sal Galatioto, Galatioto Sports Partners, offers a look at what happens when a professional sports franchise files for bankruptcy.
The Los Angeles Dodgers filed for bankruptcy this morning and have promised that all players will get paid. That being said, the players are of course the largest creditors in the filing.
The Los Angeles Dodgers have filed for bankruptcy protection in a Delaware court.
Financial markets should brace themselves for a restructuring of Greek debt in September, Barry Eichengreen, Professor of Economics at the University of California, Berkeley said on Thursday.