There seems to be emerging a group of individuals and companies I call 'the bankrupt rich".
These individuals are either shareholders or senior managers of businesses or corporations. They either declare bankruptcy as individuals or their companies are declared bankrupt or insolvent. The other stakeholders like small shareholders, employees, creditors are screwed.
But because these crafty individuals manage to stash their money elsewhere or have accumulated lots of money and then allowed their companies to go bankrupt as a result of their crappy decision making, they still continue to lead lavish lifestyles while their companies and the other stakeholders go down the drain. Some of them happily declare bankruptcy to avoid paying their creditors but continue to live well.
The worst thing is that other poorer and less crafty individuals in seeing the actions of these "rich bankrupts", think that they can do the same thing. But because they are not crafty enough to stash their money somewhere or not nimble enough to take their money and abandon the sinking ship. These become the real bankrupts or the bankrupt poor.
These individuals are either shareholders or senior managers of businesses or corporations. They either declare bankruptcy as individuals or their companies are declared bankrupt or insolvent. The other stakeholders like small shareholders, employees, creditors are screwed.
But because these crafty individuals manage to stash their money elsewhere or have accumulated lots of money and then allowed their companies to go bankrupt as a result of their crappy decision making, they still continue to lead lavish lifestyles while their companies and the other stakeholders go down the drain. Some of them happily declare bankruptcy to avoid paying their creditors but continue to live well.
The worst thing is that other poorer and less crafty individuals in seeing the actions of these "rich bankrupts", think that they can do the same thing. But because they are not crafty enough to stash their money somewhere or not nimble enough to take their money and abandon the sinking ship. These become the real bankrupts or the bankrupt poor.
