Belmont Club

By Richard Fernandez

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Where’s the bottom?

January 8, 2009 - 4:04 pm - by Richard Fernandez
slade
2009-01-10 10:50:58

Chuck Schumer has publicly stated that “clawbacks” will be part of the new administration’s recovery package.

A “clawback” (also called “recapture”) is a contractual provision whereby a company may be required to pay back all or part of a development subsidy, such as a grant, loan or tax break, if it fails to fulfill its responsibilities required by the subsidy agreement or program.

That is probably the only avenue of redress that is available.

But it’s not a bad time to be in the litigation business.

As the pieces just keep unravelling.