Dana doesn't seem to be getting the press that Delphi got. I think it ought to get more. The business section of my paper said they went bankrupt because of high energy, labor, and material prices. No mention of the 815 million dollar charge because it 'deems it more likely than not they won't be able to use some tax credits but reserves the right to use them if conditions change' and the charge for the selling off of some portions of the business that haven't happened yet. The next things to happen will be the selection of the new CEO for the bankruptcy. He'll get a big signing bonus and, in turn, recommend retention bonuses for everybody that forgot to pay the interest payment and also didn't sell off the divisions that they took a ~275 million dollar charge against last month. This one reeks of inside manipulation, there are several class action suits against it already. The only people that wind up on top in those lawsuits are lawyers though. There should be a database of crooked/inept/incompetant board members and corporate officers so they can be weeded out and/or prosecuted after letting things like this happen. I also think that mutual funds and pension funds should vote and display Who, What for, and Why they voted the way they did on proxy issues.
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