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The History of Us Bank Korean Air | us bank korean air

Last week, I went to the US Bankruptcy Court in Washington DC to obtain information on the Korean Air Lines bankruptcy case. This is the largest airline company in the world and their subsidiary Korean Air Lines filed for Chapter 11 bankruptcy in mid-September. The reason I went there was to see if there was any chance to save this company or to at least get some info on the proceedings. If you are one of those people who are interested in the Korean Air Lines case, here is a story that might interest you. It shows the peculiarities of the proceedings and gives some insights as to how the process works in the US.

The parties were: BBB of San Francisco, Inc., and its president, Tim Geithner. There were three sets of bankruptcy hearings, two from the US Bankruptcy Court and one from the San Francisco court. The two sets of court sessions took place over a six-month period. The first set of bankruptcy hearings lasted almost two weeks.

Tim Geithner was the CEO and Chairman of Korean Air. At the time, he held the post of president of KFL, one of the country's biggest airlines. While at KFL, Tim was responsible for all Airline operations, including its cargo services division. Korean Air had a huge fleet of Air force carriers and a considerable amount of planes. Many of these Air Force carriers were maintained in good condition at the time. But, the main asset of the company, its fleet of airplanes, was seriously damaged during the grounding.

In the second court hearing, Tim was asked to testify regarding the maintenance records of the damaged aircraft. Some of the damage was so severe that it was classified as salvageable. One of the things that the court found was disreputable about Tim was his contention that all of the aircraft were operable at the time of the grounding. The record of the repairs was found to be incomplete and inaccurate.

Tim Geithner stated in the second court hearing that he had instructed all of the employees of the company to take the steps necessary to make the repairs. Yet, there was no evidence of this. There was also no evidence that any of the employees had been instructed to stop flying the Air Force's jet while it was being repaired or to go home.

The third major scandal at Korean Air involved one of its employee's purchasing $2.75 million in profits from one of the Air Force's major Air Force bases. This was one of the largest buying and selling of Air Force assets in history. The US Attorney General pursued the case against the Korean Air, but the company successfully argued that their assets were exempt from seizure because they were used for a legitimate business activity. The US Attorney General eventually dropped the case.

One of the largest insurance scandals in the history of the US banking system occurred in 2008. Several of the country's largest banks were found to be holding back funds from their customers in order to allow them to purchase goods and services that would later be sold on. A great deal of the money was eventually given to the shipping company that handled the products. This scandal was one of the largest cases of financial fraud in American history. Ultimately, the government was forced to give back $65 billion dollars in debt owed to many US citizens.

All three of the aforementioned examples of fraud are just a small part of what went wrong at Korean Air. Many more items of concern remain unfound. While it is impossible to provide a full list of every single thing that has gone wrong, it is important to note that there have been many changes made to improve customer service at US banks since the fraud occurred. The most important thing that can be done to help protect oneself from the kind of chaos that resulted from this event is to always be vigilant about keeping tabs on one's own bank accounts. Doing so can not only prevent financial disaster, but can very well help put an end to the raging financial crisis currently facing the US economy.


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