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Against the Rules with Michael Lewis
On Background: A History of Bankruptcy in the US
Apr 11, 2023
33:12
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Quick takeaways
- Bankruptcy laws in the US have a complex history and have been influenced by conflicting views on the treatment of creditors and the impact on different sectors of society.
- The FTX bankruptcy case highlights the challenges and considerations related to clawbacks, particularly in proving insolvency and determining the moment of insolvency.
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The Importance of Bankruptcy Law in American History
Bankruptcy has played a significant role in American history, second only to slavery in importance during the 19th century. Alexander Hamilton supported bankruptcy laws to ensure fair treatment of creditors and the growth of a commercial nation, while Thomas Jefferson opposed bankruptcy, fearing it would harm farmers and enable exploitation by northeastern creditors. The battle over federal bankruptcy laws lasted a century before a permanent law was established.
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