The funniest (meaning "most horrific and devastating") thing about student loans is that, thanks to some nifty lobbying, you cannot get rid of them in bankruptcy. They just stick around like one of the more bothersome STDs no matter how impoverished you become. But that might change, a bit! Which would be major news for you broke, educated people.
America is currently embroiled in a student loan bubble and when it pops, wooo buddy. *Makes whistling sound, gazes off into distance*... let's just say that I hope you can use some lacquer and a long stick to turn your college diploma into some sort of edged weapon to fight off the starving graduate student food mobs. Let's just leave it at that. Let's not get explicit, except to say that banks will literally take your mother's home if you try to not pay them back, so, you know, the weapon thing is maybe the way to go.
A judge has ruled that Sam Zell—the gnomish billionaire and purposeful asshole who singlehandedly bankrupted the Tribune Co. in one short year, thanks to his own personal greed and incompetence—will be the very last creditor to get paid out in the company's bankruptcy proceedings. Dead last. Zell has $315 million of his own money at stake.
Hostess, the maker of Twinkies, Ding Dongs, Ho Hos, Suzy Q's, Sno Balls, Zingers, and Donettes, among other god damn delicious products, is bankrupt. For the second time in eight years. Labor costs, debt load, flour prices, blah blah blah. What will it take to save Hostess? Will it take Hostess sending out cases of its delicious products out to various popular online media sites, to "build buzz?" Now is the time to find out.
Although virtually every big newspaper company has suffered major layoffs, declining stock prices, and general existential malaise for the past several years, the last one to actually declare bankruptcy was Tribune Co., which was actively destroyed by a gnomish billionaire's arrogance and incompetence. Well, good news, Tribune: you have company!
Over the weekend, bankruptcy-declaring restaurant chain Marie Callender's sent some of its elite squadrons of corporado commandos to at least one of its Seattle area locations to kick out everyone inside—including longtime employees and customers who hadn't finished eating yet. Hard times demand even harder hearts!
The Financial Times has a long interview with Lady Gaga conducted by British actor/author Stephen Fry which the paper will publish over the weekend. We were given a little sneak peek of what Gaga said to Fry during the exchange, and she makes some insane claims, including that she went bankrupt funding her Monster Ball tour.