Bankruptcy Blogs

A judge’s ruling Tuesday in the bankruptcy of Momentive Performance Materials Inc. has shaken up the distressed investing world. The decision in favor of the company allows it to force holders of secured bonds to accept repayment in new debt at below-market interest rates, something the funds that own the debt had argued against.

Receiving Wide Coverage ...

Hacked: JPMorgan Chase and at least four other banks were hacked this summer in a "sophisticated" cyber attack, the Times reports, and the hackers are said to have stolen customers' checking and savings account information. The FBI and Secret Service are investigating whether the hackers have Russian ties. JPMorgan "isn't seeing considerable fraud related to the attack," the Wall Street Journal reports, citing anonymous sources, without really explaining what that vague statement...

For the first time in history, the Federal Reserve will have to engineer changes in the federal funds rate by using taxpayer dollars to pay a higher interest rate on reserves or to implement a reverse repurchase agreement program, according to Paul H. Kupiec of the American Enterprise Institute.

Congress should impose national data security standards on retailers in order to ward off cyberattacks and ensure the safekeeping of sensitive customer information, according to Carrie Hunt of the National Association of Federal Credit Unions.