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.
White House Spokesman Robert Gibbs said on Thursday that the Obama administration still expects to recoup $36.1 billion it invested in General Motors and Chrysler to get them through their managed bankruptcies last year — but likely not the $13.4 billion that was given to those companies without strings attached in the waning days of the Bush administration. The Detroit News reports:
White House Press Secretary Robert Gibbs reiterated that the administration believes it will at least obtain $36.1 billion of the $49.5 billion GM bailout — the amount President Barack Obama agreed to invest in GM.
President George W. Bush loaned the Detroit automaker $13.4 billion in the waning days of his presidency after Congress failed to act to bailout GM.
But Sen. Charles Grassley, R-Iowa, is less confident that taxpayers will be made whole.
“Short of a miracle, the initial public offering won’t repay the taxpayers. The onus is on the Treasury Department to come up with a plan to make sure taxpayers get their money in full,” Grassley said, who has been critical of GM in recent months.
Miracle or not, the IPO will not repay the taxpayers, nor is it intended to do so. It will reduce the government’s equity stake to 40 percent or lower, repaying billions to the government, but the rest of the repayment will take place as the government sells off the rest of its stake in the two companies gradually as the value of the stock rises. If they were to dump all of their shares on the market at once, it would depress the value of the stock and hurt the company’s ability to recover.
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