7 chapters across the catalog
NPR announced a major restructuring involving the layoff of 10% of its workforce, totaling approximately 100 jobs. Media correspondent David Folkenflik discusses the impact on the podcasting division and the broader journalistic function of the network. The hosts mock the "rubric of broadcasting" terminology used to describe the layoffs.
Puerto Rico Debt Crisis, PROMESA Act and Oversight
President Obama urges the Senate to pass the PROMESA Act to address Puerto Rico's crippling economic crisis and $2 billion debt payment. The bill establishes an oversight board with sweeping powers to restructure the island's finances. The hosts compare this board to the IMF's "Troika" in Greece, predicting a period of forced austerity for the territory.
Goldman Sachs, Greek Debt Origins and Business Bankruptcy Anecdotes
The hosts discuss the role of Goldman Sachs in using derivatives to help Greece hide its debt levels to meet Eurozone entry requirements. They critique the "free money" mindset that led to wasted infrastructure projects in Portugal and Spain. A personal anecdote is shared regarding how business debts and rent are often renegotiated in the private sector, contrasting it with the rigid stance taken by German creditors.
Greek Debt Crisis, Institute of International Finance
Negotiations between Greece and its private creditors, represented by the Institute of International Finance, reportedly broke down over the weekend. The hosts discuss the 130-billion-euro bailout package and the tactical departure of negotiators from the table, signaling further instability in the Eurozone.
IMF Greek Debt Restructuring, Potential Strauss-Kahn Setup
The arrest of Dominique Strauss-Kahn occurred just as he was traveling to meet Angela Merkel regarding the restructuring of Greek debt, 30% of which is held by the IMF. Speculation has arisen that the charges could be an "inside job" or a political maneuver to install a JP Morgan-affiliated leader at the IMF. The speed of the arrest on an Air France flight suggests high-level coordination beyond standard police procedures.
The hosts discuss rumors of Greece potentially dropping the Euro and returning to the Drachma due to unsustainable debt. They argue that the country was misled by bankers and is now facing the consequences of a flawed currency union.
Ziff Davis filed for Chapter 11 bankruptcy protection following years of financial instability. The filing serves to freeze company debts and allow for refinancing under an oversight group while operations continue. Despite the legal status, the company remains in business and continues to settle outstanding payments with contractors.
