GM's step closer to bankruptcy, Hip-hop's shortage of bling
Good day for bankruptcy lawyers, bad day for bling
Good 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)
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
What should you be stockpiling for 'World War Three'?
In the Spotlight Britons advised to prepare after the EU tells its citizens to have an emergency kit just in case
By Elizabeth Carr-Ellis, The Week UK Published
-
Carnivore diet: why people are eating only meat
The Explainer 'Meatfluencers' are taking social media by storm but experts warn meat-only diets have health consequences
By Elizabeth Carr-Ellis, The Week UK Published
-
Scientists want to fight malaria by poisoning mosquitoes with human blood
Under the radar Drugging the bugs
By Devika Rao, The Week US Published