Weeks before it was supposed to happen, a bankruptcy judge has approved the restructuring of large portions of once-mighty GM and the liquidation of the automaker’s remaining assets. Under the plan, announced last Sunday, the “new GM” being created will be under 60-percent control by the federal government.
As the Internal Revenue Service continues its hunt for tax dodgers, Swiss banks are refusing to open accounts for Americans and closing the ones that already exist. The tax collectors aim to recover an estimated $50 billion in unpaid taxes by pressuring Americans to voluntarily declare offshore accounts by September 23 — or face possible criminal prosecution and fines.
On June 18, the U.S. International Trade Commission ruled 4-2 that China was flooding the U.S. market with low-cost tires. The United Steelworkers Union filed the complaint, saying 5,100 U.S. workers have already lost their jobs and 3,000 more are in danger of losing theirs this year. The union also said the volume of Chinese imports rose 215 percent from 2004 to 2008, reaching 46 million tires valued at $1.7 billion in 2008.