I am writing today to announce the closure of the Michigan Messenger. After four years of operation in Michigan, the board of the American Independent News Network, has decided to shift publication of its news into a single site, The American Independent at Americanindependent.com. This is part of a shift in strategy, towards new forms [...]
An abstinence-only presentation provided to numerous school districts in Calhoun and Eaton Counties in October of this year provided false and misleading information to students about HIV, experts allege.
Two county registers of deeds filed a class action lawsuit Monday on behalf of Michigan’s 83 counties alleging that the Mortgage Electronic Registration Services owes millions of dollars in property title transfer taxes.
Despite evidence of the impact of mercury on children and public health, Michigan Attorney General Bill Schuette last month joined with 24 other state attorneys general in filing a lawsuit to scuttle new EPA regulations that would reduce mercury emissions from power plants.
U.S. Rep. Thaddeus McCotter has asked the U.S. Treasury Department and Federal Reserve whether holders of General Motors bonds have credit default swaps with American International Group.
McCotter, a Livonia Republican, appeared on CNN’s “Lou Dobbs Tonight” Wednesday where he said that he has asked Treasury Secretary Tim Geither and Federal Reserve Chairman Ben Bernanke in separate letters whether bondholders have default swaps, which are essentially insurance policies on investments should they fail, with AIG. Should GM enter bankruptcy and its bonds lose value or become worthless, bondholders would receive the bonds’ original value back from the credit default swap.
McCotter, chairman of the House Republican Policy Committee, said this means that bondholders would make out better with GM in bankruptcy, getting 100 percent of their bonds’ values, than having to take a small loss on the bonds to keep GM out of court. That is widely considered the major sticking point in concessions between GM, its debtors and workers.
“This means in an attempt to get the bond holders to the table, would be futile because they would make out better in bankruptcy and the very workers’ tax dollars used to reward them for the effort. I’ve sent a letter to Geithner. I’ve sent a letter to Bernanke asking are there bond holders of GM that have credit default swap/insurance with AIG and if so in what amounts? So that as we restructure, we know what everyone has at the table or under it. I’ve yet to get my response,” McCotter said.
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