Insolvency Guardian Media Centre
In November 2017, the former mayor of Pforzheim and her then treasurer were sentenced to imprisonment for embezzlement. In the years leading up to the financial crisis, they had tried to minimise the town’s interest burden and to balance the town’s budget through a series of risky financial transactions. They were not the only ones: During that time, hundreds of communities throughout Germany tried their hand at “casino capitalism” to rehabilitate their finances. In Pforzheim, this resulted in more than 50 million euros of new debt.
Why were chief executives allowed to take such risky decisions? It is cases of fiscal failure such as these that Junior Professor Julia Rischbieter examines as part of the new scientific network “Sc…
Read the full article at: https://www.eurekalert.org/pub_releases/2017-12/uok-sdi121417.php
HOUSTON–(BUSINESS WIRE)–Houlihan Lokey (NYSE: HLI), the global investment bank, today announced
that Victor Barcot has joined the firm as a Managing Director in the Oil
& Gas Exploration and Production (E&P) Group. He is based in Houston.
Mr. Barcot joins from Deutsche Bank, where he was a Managing Director in
the Global Oil & Gas Group, focused on providing capital markets and M&A
advisory services for clients in the E&P sector. Prior to Deutsche Bank,
he was a Managing Director in HSBCs Resources and Energy Group, working
with E&P clients in the U.S., Canada, and Latin America. Mr. Barcot also
was the Founding Partner of Exxel Energy Group, an indepe…
Read the full article at: https://www.businesswire.com/news/home/20171214005936/en/Houlihan-Lokey-Adds-Seasoned-Banker-Oil-Gas
The state of California is suing Education Secretary Betsy DeVos
Elizabeth (Betsy) Dee DeVosTrump considering spy network to combat ‘deep state’ enemies: Intercept Bharara, Yates top Twitter list of most followed new political accounts GOP higher-ed bill would eliminate Obama rule on career-prep programs MORE for refusing to process the debt relief claims of thousands of students who had federal student loans and were left in the lurch after the collapse of Corinthian College.
The 25-page complaint filed by California Attorney General Xavier Becerra
Xavier BecerraOvernight Regulation: Net neutrality supporters predict tough court battle | Watchdog to investigate EPA chief’s meeting with industry group | Ex-Volkswagen exec gets 7 years fo…
Read the full article at: http://thehill.com/regulation/other/364934-california-sues-devos-over-debt-relief-for-defrauded-students
HARD-UP Brits could have their credit card charges reduced or wiped completely under new plans from the city watchdog.
The Financial Conduct Authority (FCA) said struggling consumers in “persistent debt” could save up to £1.3BILLION if the plans come into force – potentially as early as next year.
Alamy
More than three million people pay more in interest and charges than they repay on their balances over, which leaves them with little hope of ever clearing their debts, the FCA warned.
It wants to force card companies to do much more to help struggling consumers.
Under its plans, lenders must help customers repay their balances more quickly by arranging rep…
Read the full article at: https://www.thesun.co.uk/money/5136743/new-rules-mean-credit-card-customers-stuck-in-a-debt-spiral-could-have-charges-wiped/
Bank of Canada Governor Stephen Poloz said policy caution and uncertainties around the economic outlook remain prominent in the central banks thinking, even as the economy ends 2017 running close to capacity.
Poloz used his last speech of the year to highlight three subjects he called slower-moving, nagging issues that keep him up at night: cyber threats to the financial system, high household debt levels and labor market slack, particularly youth underemployment.
It was in the section on labor where Poloz provided the most insight on monetary policy, underscoring his belief there is slack that should be accommodated with low interest rates even if other indicators suggest borrowing costs should rise. The Bank of Canada has k…
Read the full article at: https://www.bloomberg.com/news/articles/2017-12-14/bank-of-canada-s-poloz-says-he-remains-cautious-on-rate-hikes
The 45-year-old part of Martin ONeills legendary Hoops side – came out of retirement last month to appear for League One side Arbroath against Queens Park
EX-CELTIC star Rab Douglas has opened his heart on battling depression and being made bankrupt.
The veteran keeper discussed his demons in an interview with the BBC as he also lifted the lid on financial struggles that saw him declared insolvent in January.
The 45-year-old came out of retirement last month to appear for League One side Arbroath against Queens Park.
Describing what he had been through, Douglas said: Depression, bad place scary, lone…
Read the full article at: https://www.thescottishsun.co.uk/sport/football/1972392/celtic-rab-douglas-depression-bankrupt/
There’s a fair sprinkling of acceptance in Rab Douglas’ voice as he dissects his career; one littered with success and crushing lows. These extremes have been mirrored in Douglas’s off-field life, too.
“Make a mistake, it’s a goal, there’s no hiding place.” It’s a quote that seems to encapsulate more than just his life as a goalkeeper.
In an interview to be aired on Sportsound on BBC Radio Scotland on Thursday, the former Scotland international lays bare his colourful story.
Where to start? The present seems natural.
Earlier this year, the 45-year-old was declared bankrupt, the result of his involvement in a film…
Read the full article at: http://www.bbc.co.uk/sport/football/42345062
A deal has been agreed to stave off the collapse of Four Seasons Health Care, which looks after 17,000 elderly and vulnerable people, after the companys largest creditor agreed to drop several conditions.
Four Seasons had warned it might not honour a £26m debt payment due by Friday, raising fears the firm could become the largest care home operator to fall into administration since Southern Cross in 2011.
But after protracted talks with its largest lender, the US investment firm H/2 Capital Partners, both sides issued a statement deferring the payment until 2 April 2018 and postponing key arguments about how to restructure the business.
Discussions did not involve Terra Firma, the private equity house that owns the loss-making bus…
Read the full article at: https://www.theguardian.com/society/2017/dec/14/four-seasons-health-care-saved-from-collapse-after-deal-with-creditors