South Korea’s STX Offshore & Shipbuilding Co. Files for US Bankruptcy Protection

South Korean STX Offshore and Shipbuilding Company filed for Chapter 15 bankruptcy protection on October 19, 2016 in Texas. The filing comes as “a bid to stop creditors from trying to seize its assets in the U.S. as the troubled shipyard looks to sell its business overseas.” Chapter 15 bankruptcies deal with cross-border/international insolvencies. “Under Chapter… Continue reading South Korea’s STX Offshore & Shipbuilding Co. Files for US Bankruptcy Protection

Video shows China bank employees being spanked for poor performance

The video shows employees of a Chinese bank publicly spanked for poor performance by the session’s trainer Jiang Yang. There is also evidence that the trainer shaved or cut their hair afterwards because they did not “exceed themselves.” Yang later issued an apology video, stating that it was “a training model I have tried for… Continue reading Video shows China bank employees being spanked for poor performance

Did The Federal Reserve Play a Role in MF Global’s Collapse

Created by J. Michael McBride on 11/1/2012 It is clear now that the causes for the collapse and eventual insolvency of MF Global were numerous and diverse.  Obvious reasons include CEO John Corzine’s decision to invest in European debt and poor financial controls at the derivatives broker.  One less obvious culprit may have been the… Continue reading Did The Federal Reserve Play a Role in MF Global’s Collapse

Greek Austerity Risks Depression

The Greek economy has shrunk by 18.4% in the last four years and is expected to shrink an additional 4% in 2013 alone.  Economists have cited the fact that strict austerity measures have destroyed tax revenue contributing to the decline.  If the International Monetary Fund’s prediction of a 4% decline in the following year prove… Continue reading Greek Austerity Risks Depression