ood day for: Bankruptcy lawyers, after General Motors bondholders rejected the company’s offer to exchange $27 billion in unsecured debt for company stock. Now it’s extremely likely that GM will be able to complete the government-ordered restructuring, which includes debt reduction, before a looming deadline, making it virtually certain that the giant automaker will file for Chapter 11 bankruptcy protection. (Associated Press)
Bad day for: Bling, as hip-hop stars hit hard by the recession have reportedly cut back on the diamond-encrusted pendants and heavy gold chains used to project an image of outsized wealth. "A lot of these rappers simply don't have the money for real stuff anymore," said Jason Arasheben, who crafts custom jewelry for wealthy clientele at his boutique, Jason of Beverly Hills. "It's to the point where they are wearing imitation jewelry, and that's ridiculous." (The Wall Street Journal)
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- 31 TV shows to watch in 2014
- Why atheism doesn't have the upper hand over religion
- The world's dumbest idea: Taxing solar energy
- He said he was leaving. She ignored him.
- 14 wonderful words with no English equivalent
- Attack of the invasive species
- Which states get screwed worst by the Electoral College?
- Lessons from Lincoln: 5 leadership tips history and science agree on
- Why I'm a pro-life liberal
- What is Molly? Everything you need to know about the party drug
Subscribe to the Week