Looting: The Economic Underworld of Bankruptcy for Profit

  title={Looting: The Economic Underworld of Bankruptcy for Profit},
  author={George A. Akerlof and P. Romer},
  • George A. Akerlof, P. Romer
  • Published 1993
  • Business
  • During the 1980s, a number of unusual financial crises occurred. In Chile, for example, the financial sector collapsed, leaving the government with responsibility for extensive foreign debts. In the United States, large numbers of government-insured savings and loans became insolvent - and the government picked up the tab. In Dallas, Texas, real estate prices and construction continued to boom even after vacancies had skyrocketed, and the suffered a dramatic collapse. Also in the United States… CONTINUE READING
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