Wow, reading this financial article about the top 10 US bankruptcies…and 3 on the list just happened this month! GM today, Chrysler April 30, and Thornburg Mortgage on May 1.
My friends back at Deutsche Bank Distressed Debt Desk MUST BE BUSY AS EVER! I remember how much work it was to work through the mess for Enron, worldcom, united airlines, and others. Good opportunity to be on the junk bond trading floors in NYC I can imagine. Would be a lot of action right now, haha
I remember the huge news about Enron and Worldcom being huge disasters for investors, but those are below 2 that happened late last year (Lehman and Washingon Mutual), and GM is also above Enron in size.
Company, Bankruptcy Date, Assets
Lehman Brothers Holdings Inc., Sept. 15, 2008, $691.06 billion
Washington Mutual Inc., Sept. 26, 2008, $327.91 billion
WorldCom Inc., July 21, 2002, $103.91 billion
General Motors Corp., June 1, 2009, $91.05 billion-x
Enron Corp., Dec. 2, 2001, $65.50 billion
Conseco Inc., Dec. 17, 2002, $61.39 billion
Chrysler LLC, April 30, 2009, $39.30 billion
Thornburg Mortgage Inc., May 1, 2009, $36.52 billion
Pacific Gas and Electric Co., April 6, 2001, $36.15 billion
Texaco Inc., April 12, 1987, $34.94 billion
x-GM listed $91.05 billion in assets in its annual report as of Dec. 31, 2008, but listed $82.29 billion in assets as of March 31, 2009, in its bankruptcy petition.
source – http://finance.yahoo.com/news/A-look-at-the-top-10-US-apf-15400204.html?.v=3 and bankruptcydata.com
So imagine how many small, personal investors have lost everything these past few months.
We have to appreciate what we have, keep on pushing, and never be 100% invested in 1 stock. I can only image those family investments holding GM stock and bonds.
A sad day, truly