The sudden bankruptcy of Hanjin Shipping meant that the company’s container ships were temporarily doomed to float around with dwindling supplies for their crews and containers full of your holiday gifts. Concerned that ships and their cargo might be seized, ports refused to allow them in. However, a bankruptcy court in the U.S. agreed to protect a ship arriving at the port of Long Beach, CA from having its cargo seized, and it was unloaded over the weekend. [More]
The government bought a piece of Chrysler in a 2009 bailout that turned out to be a costly investment in an automaker deemed too big to fail. Now that the government has sold its remaining interest in the company to Fiat, the U.S. Treasury Department announced the arrangement cost taxpayers $1.3 billion.