Meloo Business

A closer look at GM’s first earnings since going public again, with CNBC’s Phil LeBeau; Michelle Krebs, Edmunds.com; and Kirk Ludtke, CRT Capital Group.
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One thing is clear from the debate over whether a bankruptcy law should be enacted for states—bankruptcy as a concept and a process is misunderstood.
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The first time Illinois tried to bail out its teetering pension fund by borrowing billions of dollars, it ended in disaster. Nevertheless, the state is trying again. The New York Times reports.
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A check on futures, with Joe Kinahan, TD Ameritrade.
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Barry Silbert, CEO of SecondMarket, the largest centralized marketplace for alternative investments, discusses his growth strategy with CNBC’s Maria Bartiromo.
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State pension funds, facing a potential multitrillion-dollar shortfall, find themselves in the center of a four-way battle: Employees and retirees expect to be paid their promised benefits; the pension systems have clear obligations but may not have the resources to pay them; politicians are looking for ways to resolve the underfunding and balance the burden [...]

Rep. Jeb Hensarling, (R-TX), and Rep. Steny Hoyer, (D-MD), discuss President Obama’s proposed fiscal 2012 budget.
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Borders Group, the second-largest U.S. bookstore chain, filed for bankruptcy protection, after years of sharp sales declines that made it impossible to manage its crushing debt load, and it plans to close nearly one-third of its stores.
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US lawmakers have expressed opposition to the idea of allowing US states to seek bankruptcy protection to alleviate pension underfunding and other debt burdens. The FT reports.
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Imagine getting a bill for $1 trillion, or $3 trillion, with a due date  in the next 30 years.  This is a situation faced by all 50 states, whose pension funds are underfunded by $1 to $3 trillion, depending on whose estimates you believe.
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