Fourth, if Cerberus is not willing to make an investment in Chrysler's future and show that it can be trusted to run this company responsibly, Obama and Congress should seriously consider taking the company out of Cerberus' hands and putting it into a government-appointed receivership.
The law mandates that the administration place troubled banks, well before they become insolvent, in receivership, appoint competent managers, and restrain senior executive compensation (i.e., no bonuses and no raises may be paid to them).
Langdon promptly petitioned for a receivership, and was appointed joint receiver with Patterson.
The city's water woes come amid a troublesome moment in Flint's history: throttled by financial uncertainty, Flint was placed into state receivership in 2011, when Snyder appointed an emergency manager with vast powers to oversee the city's day-to-day operations.
The 40-storey City of London skyscraper was put into receivership in April, and the agents appointed to sell it are hoping for offers in the region of £600m to £650m.
Deloitte Touche found that 61 of the region's firms appointed an administrator in November, bringing the number of firms falling into receivership in the year to November to 574.
At the urging of Gov. Rick Snyder and state Treasurer Andy Dillon, the Michigan Senate passed a stop-gap bill in December that would allow the governor to retain the right to place municipal bodies in state receivership and appoint an emergency manager in the event Public Act 4 is frozen.
Mr. Vallone, whose father was speaker of the City Council and whose brother serves on the Council, said that he had been appointed as a receiver just four times in two decades, and that the receivership that paid him $16,600 lasted from 2008 to 2010.
Earlier this year Judge Kaye appointed a special investigator to study accusations that judges favor lawyers with strong political ties when granting court receiverships.
And at the end of 2001, a specially appointed inspector issued a scathing report detailing the role of cronyism and party connections in the awarding of lucrative jobs like guardianships and receiverships.
