₦airaland Forum

Well Lehman went into Chapter 11 bankruptcy (there are different bankruptcy types in US) recently so it's too late for the government to bail them out from my understanding. As for the proposed bailout bill, companies that need funds would have to apply and be bound by the contents of the bill which could involve the government owning part of the companies and they would later sell what they own to get back taxpayers money. The question some people are asking amongst others is that would the companies perform well enough for the government to recoup its funds when it sells?

What happens next to Lehman? Well this is what Chapter 11 is about:

In Chapter 11, the debtor retains ownership and control of its assets and is retermed a debtor in possession ("DIP". The debtor in possession runs the day to day operations of the business while creditors and the debtor work with the Bankruptcy Court in order to negotiate and complete a plan. Upon meeting certain requirements (e.g. fairness among creditors, priority of certain creditors) creditors are permitted to vote on the proposed plan. If a plan is confirmed the debtor will continue to operate and pay its debts under the terms of the confirmed plan. If a specified majority of creditors do not vote to confirm a plan, additional requirements may be imposed by the court in order to confirm the plan.

Source: http://en.wikipedia.org/wiki/Bankruptcy#United_States

The other option is to let them go bankrupt, which some people believe is the (morally) right thing to do.

http://edition.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html

Let them wait till they can't get no small loans, then they'd know this bailout is seriously needed!

Republicans like to act as if they know it all. They (Bush) messed up the economy and even Greenspan predicted this a couple of years or so back and Obama had been calling for some form of regulation then. They opposed the bill because of their egos and they also don't want to be seen as going against the ideals they've advocated for so long.

While it's annoying to have to give money to the very people who messed up in the first place, it's a necessary thing that has to be done. I couldn't believe my eyes the way the DOW 30 was just dropping points yesterday after the annoucement (over 700 down. I pity all those investors who put their life savings in there. I still remember when the DOW hit 14000 points just under a year or so ago.

On a domestic note, I hope CBN is taking note of what is going on. These banks need to be reigned in and regulated properly and customers need to be better protected. They most annoying thing they all seem to be coming up with recently is this thing about not allowing withdrawals in the bank for amounts less than 100,000.

"I'll try to find you some and I'll bring em to ya"

Is this the person that McCain feels is "ready to be president"?  Wow!! 

I'm sure many Americans had the same expression on their faces like Anderson Cooper:

http://www.youtube.com/watch?v=FGSgNdy5b8c&feature=related

As someone commented below one of the videos, at this rate, all Biden has to do is just show up at the debate. That debate is not to be missed! By the way does anyone know the time (GMT) for tonight's debate?

Story Highlights
- Chris Rock tells Larry King that McCain is on the verge of getting knocked out
- "I hope Obama wins just because , the country needs it"
- Rock says he can't support a guy like McCain with "12 houses"
- Says vote for the guy with one house, cause he's scared of losing it

Full Story:
http://edition.cnn.com/2008/SHOWBIZ/09/26/chris.rock.lkl/index.html

It's that simple!

McKren:
think You find the unfolding drama funnny?

Check this out!!!!



https://www.youtube.com/watch?v=XjkCrfylq-E

Now that was funny, the guy was obviously quite peeved!

The affected areas, especially slums, would have needed redevelopment anyway, so it's simply something that has to be done. I think they want 5 or 6 lanes on each side.

Barring last minute changes of mind, President Umaru Musa Yar’Adua ,will on Wednesday, announce the dissolution of his cabinet

Daily Champion authoritatively gathered that the sack of the ministers and special advisers would be announced after the Federal Executive Council (FEC) meeting, Wednesday.

It would be recalled that speculation about the planned cabinet reshuffle has been in the air since President Yar’Adua returned to the country from Saudi Arabia where he underwent a medical check. It was gathered more steam when the Secretary to the Government of the Federation(SGF) Amb. Babagana Kingibe, was surprisingly relieved of his appointment two weeks ago.

However an authoritative presidency source told Daily Champion weekend that the President has concluded arrangements to announce the cabinet dissolution. "Without mincing word I can tell you that this cabinet will cease to be from Wednesday this week", he said.

It was learnt that the dissolution would have taken place last week but was later shelved as a result of the sending of some ministers to represent he(Ya’Adua) at United Nation Assembly. The President was earlier billed to attend the high profile event but changed his mind at the last minute . Instead he directed the Attorney General and Minister of Justice, Michael Aondoaaka and his Foreign Affairs counterpart, Chief Ojo Maduekwe to represented him .

Asked to give details of the shape the reshuffle would take the source explained that only nine of the 40 ministers are likely to be retained . He did not name the ministers that may be given a boot.

He however disclosed that the President was worried by the worsening state of the economy saying it would not be surprising if a new set of ministers are appointed for the Ministry of Finance. According to him the seeming power play between Dr Shamsudeen Usman and Remi Babalola, minister of finance and minister of state for finance is believed in the presidency to be working against the economy.

"The thinking in the presidency is that the bickering and power play between Usman and Babalola have held down government’s drive to grow the economy to an appreciable level. It is possible that the President may drop one or both of them", the source said.

He said the President is eager to change the growing perception in the country that his administration is not doing much to address major problems plaguing the country . "I can tell you that the President feels sad when people accuse him of not being able to commission a project since coming into office. He wants to bring in people who can deliver especially on the power issue.

"He is going to make sweeping changes and the new men will not be politicians."he said adding, "he will go for technocrats this time around. Although he still needs to work with politicians he will find another way of carrying many of them along in a manner that will not hurt his government"

He admitted that the ministers are jittery and have been lobbying close friends of the President especially former governor of Delta state, Chief James Ibori to make a case for them.

He said: "Yes,I can confirm that most of the ministers have been going to Ibori and all those they know are close to the President to help work for their retention .It is natural to things of that nature"


http://odili.net/news/source/2008/sep/22/222.html

He had better put round pegs in round holes.

I agree that Channels should have been more careful before airing a report like that, especially considering the current political mood. However, it is very difficult to justify the FG's reaction. For a government that has used 'rule of law' at any oppurtunity to justify questionable positions to the public, this is so uncalled for.  

His government delibrately lied and misled the public over his recent trip, yet Yaradua didn't feel there was anything wrong with that. Instead, since coming back, he's been wanting to flex his political muscles and prove that he's in charge. Right now he's acting like a narcissist who's just had his ego bruised. He seems to want to make himself the worst president we've had. At least we know what Obasanjo stood for, but as for Yaradua, he's the most deceptive of all. I'm sure Obasanjo is regretting big time. This is what you get when leaders are imposed on people; they do things brashly and without consideration. This singular action is a great setback for our young but slowly growing democracy. I hope this hasn't killed any little hope there was for the FOI bill. I also hope that our national assembly, especially the Senate, is brave enough to do the right thing.
On one note, Yaradua might just have shot himself in the foot. Many people in the north especially are getting disillusioned with him. He hasn't done anything to solve the problems of the country or to improve the economy and his slow pace in doing things is getting near legendary. Somehow, I think we might be better off without him. Supreme court, over to you.

These guys are really pushing it. Anyone who thinks that the Nigerian forces cannot win a battle with these guys should think again. Soldiers are trained to fight wars, these militants are some agitated youths coming together to form a fighting unit, their survival instincts are nowhere near the soldiers. I think sometimes Nigerians underestimate the Nigerian Army. These guys undergo comprehensive and rigorous training. When it comes down to it, I don't think that most of those militants are willing to lose their lives by going into a full scale war with the Nigerian forces, whereas for the army, they'll be doing their job. Don't forget the airforce can devastate the creeks with a few bombs as well. These militants shouldn't push it too far.

I hope it doesn't get out of hand. However, the cause of freedom fighting is not enough to justify the scale of attacks being proposed by MEND. The Nigerian military can be very efficient unlike the country itself, especially considering our track record in peace keeping missions around the world.

Well done. Good stuff.

If they broke any American laws as regards foreigners' business transactions with US citizens, they they should be tried there. Besides, I'm not all that confident of diligent prosecution of the Nigerian officials with Aondoaka (or what's his name) in charge. He'll probably send them home with a letter considering how much he loves writing such letters!

Yes o.

1 - 0 Uche Okechukwu

@ Wilmart

Still 0-0 but we are playing terribly. SA is pounding our goal with shot after shot.

It's been a while I've seen Nigeria play this poorly. The coach should make some changes.

This is repulsive and disgusting. Now that he has been arrested, let's see what his sentence would be. I hope the media follow-up on his case so that we know the outcome. The guy should get the maximum sentence possible, though going by the current state of our criminal justice system, I wonder how many years that is.

I've tried it out, but not convincing enough for me to switch from Firefox. Even more so after reading the info pointed out above by bigrovar.

The video was produced around 2006 i guess. So much for rule of law. Our leaders are too greedy and insensitive. Shell is wicked and despicable, that's all I can say. Their bosses would be rotting in jail if they did this in their own country. This is what the likes of CNN would not show the world.

It's a long video so might take a while to load depending on your internet speed.

This is the link:
http://www.poisonfire.org/poison-fire-movie

But I think this one loads faster.
http://blip.tv/play/AcKrLAA

The signs were there even before he became president. That's the more reason I think he never really wanted it. Apart from Obasanjo, I'm sure his wife was the main person who made him take it, if her position above is anything to go by. This man has no plans, and no plans to plan, he's just taking it in his stride, like a normal everyday job. He should resign. Wonder if there is something like the US's 25th amendment in our constituition. I don't think so.

OMO IBO:
see, you're missing the point. how many places or areas in north london is/are dangerous? seven sisters, edmonton and where else?
you can't compare it to the WHOLE OF SOUTH AND EAST LONDON.

I get you but what I mean is that the proportion of fatalities is more in the North, at least based on my study. I might well be wrong.

South London never used to be this bad (compared to North London), it's just spreading there. North London is the most fatal, most stabbings and violent crimes occur there, especially places like Edmonton, Seven Sisters etc.

It is true that they are neck to neck at the moment according to the polls, but I think Obama still has the edge. Also, those polls, from what I know, are based on previously registered voters. There are lots of first time voters, especially young people, who are registering just because of Obama. So that would help push him up a bit.

Queenisha:
Exactly what he needs.
A man who says what every one is thinking.

For real, he's got the directness that Obama needs and the timing is perfect considering the McCain campaign's increasingly negative approach.

Cristalz:
Vanzekin was at fault,but the defenders were at fault too. I just watched the replay. Firstly,where were the defenders in the first place?? They all went to attack,forgetting they had to defend too.
And when DiMaria was making his run,absolutely noone attempted to stop him via ball interception or a good tackle. Instead they were running with him.Jogging alongside the man! Then Vanzekin raced out of his post as if Messi was a long-lost uncle he was rushing to embrace.

I think for one, Vanzekin should have stayed on his line and two, the nearest defender should have closed the angle rather than just running towards goal with Di Maria like he were his minder. That would have affected his composure and maybe the goal. Well, it's a learning experience for them, let's hope they've learnt from it, especially Vanzekin, whose decision making is the main reason he has conceeded the goals he did in this tournament.

folahann:
We were not outplayed by Argentina

Exactly, and we had didn't do well with the chances we had. We let our concentration slip and were punished. Shame Obasi was injured. The boys did well though, considering the quality they were up against. You're talking about almost half a team with Champions league/European Cup experience. Guys like Adeleye and Kaita deserve a lot of encouragement.

Well. Seems like it's silver for us. The guys have done well considering that they were not really expected to get that far. We failed to address out main problem throughout: not putting our chances away.

These guys should show a bit more belief. Seems Obasi is not 100% fit.

Time to bring on Obasi and Anichebe. We need some bite.

Razorr:
Bad sportsmanship from Messi. But Ronaldo woulda been much worse. lol.

That bloody gay! Thank God he's out till November (according to the Sun - Hannibal's favourite paper)!

The Argentines are generally temperamental. That's why I prefer the Brazilians, they have better sportmanship by miles

deept:
let them come at u, when you come out to fight for the ball like u put it u create space for that one pass.

I agree, I think they've got the balance right. They just need to be more composed in the third of the pitch

deept:
messi is frustrated

Was about saying the same. What's with the handbags at the end. They should leave the guy abeg

presido1:
I wonder oh. Its that new fifa rule?

The referee was instructed to allow for a one minute break to allow the players take in liquid if it got very hot