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4min chapter
On Background: A History of Bankruptcy in the US
Against the Rules with Michael Lewis
The Trouble With Bankruptcy Clauses
When railroads failed, it wasn't clear Congress could step in and put a railroad reorganization statute in place. Wall Street bankers cobbled up this incredibly ingenious use of ordinary foreclosure law to restructure large corporations. It was used for decades with no statute at all until the 1930s. The New Deal reformers said, wait a second, these Wall Street banks are ripping everybody off.
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