Famous Bankruptcy Quotes

If you want to teach a kid a life skill, teach him reality. Give him a picture of what the world will throw his way. Even the rich and famous have their share of heartache and loss. People go broke. People get sick. Loved ones die. There are setbacks, cutbacks, rollbacks, buyouts, layoffs, bankruptcies. Is it fair to reward a kid for everything he does until he’s eighteen, filling his room with trophies regardless how he performs, and then find him shocked the first time he fails a course or loses a girlfriend or gets fired from a job?

For instance, have you ever been going about your business, enjoying your life, when all of sudden you made a stupid choice or series of small choices that ultimately sabotaged your hard work and momentum, all for no apparent reason? You didn’t intend to sabotage yourself, but by not thinking about your decisions—weighing the risks and potential outcomes—you found yourself facing unintended consequences. Nobody intends to become obese, go through bankruptcy, or get a divorce, but often (if not always) those consequences are the result of a series of small, poor choices. Elephants Don’t Bite Have you ever been bitten by an elephant? How about a mosquito? It’s the little things in life that will bite you. Occasionally, we see big mistakes threaten to destroy a career or reputation in an instant—the famous comedian who rants racial slurs during a stand-up routine, the drunken anti-Semitic antics of a once-celebrated humanitarian, the anti-gay-rights senator caught soliciting gay sex in a restroom, the admired female tennis player who uncharacteristically threatens an official with a tirade of expletives. Clearly, these types of poor choices have major repercussions. But even if you’ve pulled such a whopper in your past, it’s not extraordinary massive steps backward or the tragic single moments that we’re concerned with here. For most of us, it’s the frequent, small, and seemingly inconsequential choices that are of grave concern. I’m talking about the decisions you think don’t make any difference at all. It’s the little things that inevitably and predictably derail your success. Whether they’re bone-headed maneuvers, no-biggie behaviors, or are disguised as positive choices (those are especially insidious), these seemingly insignificant decisions can completely throw you off course because you’re not mindful of them. You get overwhelmed, space out, and are unaware of the little actions that take you way off course. The Compound Effect works, all right. It always works, remember? But in this case it works against you because you’re doing… you’re sleepwalking.

The great irony, then, is that the nation’s most famous modern conservative economist became the father of Big Government, chronic deficits, and national fiscal bankruptcy. It was Friedman who first urged the removal of the Bretton Woods gold standard restraints on central bank money printing, and then added insult to injury by giving conservative sanction to perpetual open market purchases of government debt by the Fed. Friedman’s monetarism thereby institutionalized a régime which allowed politicians to chronically spend without taxing. Likewise, it was the free market professor of the Chicago school who also blessed the fundamental Keynesian proposition that Washington must continuously manage and stimulate the national economy. To be sure, Friedman’s “freshwater” proposition, in Paul Krugman’s famous paradigm, was far more modest than the vast “fine-tuning” pretensions of his “salt-water” rivals. The saltwater Keynesians of the 1960s proposed to stimulate the economy until the last billion dollars of potential GDP was realized; that is, they would achieve prosperity by causing the state to do anything that was needed through a multiplicity of fiscal interventions. By contrast, the freshwater Keynesian, Milton Friedman, thought that capitalism could take care of itself as long as it had precisely the right quantity of money at all times; that is, Friedman would attain prosperity by causing the state to do the one thing that was needed through the single spigot of M1 growth.

Plenty of local hacks think they’re famous. They smile from billboards as they beg for your bankruptcy and swagger in television ads as they seem deeply concerned about your personal injuries, but they’re forced to pay for their own publicity.

Strong institutional marketing also helps sell tickets. La Scala, the Bolshoi, and the Paris Opera Ballet all can spend less on programmatic marketing—the selling of tickets—because they benefit from their high institutional visibility, earned generations ago. No arts organization, however—no matter how famous—can afford to rest on its laurels. The Rome Opera, for example, is facing bankruptcy—and this was the house that offered the world premieres of both Cavelleria Rusticana and Tosca! We all compete for the same new audience members and the same new donors. If we are not working actively now, we will lose out to an organization that is.

The pantheon of those who won’t is the best church poetry has to offer. It’s a temple perfumed with the incense of sacrificed literary reputation, littered with bankruptcy notices for cynical cultural capital, warmed by the greater fire of the intrinsic, populated by the most famous and the most anon.

Apollo was having a difficult time finding candidates for the top spot, and Frissora would have had a hard time finding any job at any other public company. In September 2014, he had left as CEO at Hertz Global citing “personal reasons.” In fact, Hertz was in the middle of a massive accounting scandal where the rental car and equipment company was facing accusations of inflating profits. Carl Icahn had taken a near 10 percent stake and was making noise. Another hedge fund said Frissora had “lost all credibility.” To his surprise, Frissora got a call from an executive search firm just two weeks after leaving Hertz. They asked if he had interest in the Caesars job. He met with Rowan, Sambur, and Bonderman. Apollo claimed it would be a brief six-month bankruptcy, and the job would be fun. Frissora had been the CEO of two public companies, Hertz and auto parts maker Tenneco, and was new to gaming. But Hertz had gone private in a $15 billion LBO in 2006, so he had experience working with private equity. Until the accounting scandal, Hertz had prospered under Frissora. Rowan and Sambur were hoping an experienced operator could impose business discipline they believed Loveman had not.

Jobs noticed that when the heart gave him an intuition, it was for him a command that he had to follow, regardless of the opinions of others. The only thing that mattered was finding a way to give shape to the intuition. For Jobs, the vegan diet, Zen meditation, a life immersed in nature, abstention from alcohol and coffee were necessary to nourish his inner voice, the voice of his heart and strengthen his ability to intuit the future. At the same time, this caused great difficulties. He was sensitive, intuitive, irrational and nervous. He was aware of the limitations that his irrationality caused in handling a large company, such as Apple Computer, and chose a rationalist manager to run the company: John Sculley, a famous manager he admired but with whom he entered continually in conflict, to the point that in 1985 the board of directors decided to fire Jobs from Apple, the company he had founded. Apple Computer continued to make money for a while with the products designed by Jobs, but after a few years the decline began and in the mid-1990s it came to the brink of bankruptcy. On December 21, 1996, the board of directors asked Jobs to return as the president’s personal advisor. Jobs accepted. He asked for a salary of one dollar a year in exchange for the guarantee that his insights, even if crazy, were accepted unconditionally. In a few months he revolutionized the products and on September 16, 1997 he became interim CEO. Apple Computer resurrected in less than a year. How did he manage? He believed that we should not let the noise of others’ opinions dull our inner voice. And, more importantly, he repeated that we must always have the courage to believe in our heart and in our intuitions, because they already know the future and know where we need to go. For Jobs, everything else was secondary.

What American Healthcare Can Learn from Italy: Three Lessons It’s easy. First, learn to live like Italians. Eat their famous Mediterranean diet, drink alcohol regularly but in moderation, use feet instead of cars, stop packing pistols and dropping drugs. Second, flatten out the class structure. Shrink the gap between high and low incomes, raise pensions and minimum wages to subsistence level, fix the tax structure to favor the ninety-nine percent. And why not redistribute lifestyle too? Give working stiffs the same freedom to have kids (maternity leave), convalesce (sick leave), and relax (proper vacations) as the rich. Finally, give everybody access to health care. Not just insurance, but actual doctors, medications, and hospitals. As I write, the future of the Affordable Care Act is uncertain, but surely the country will not fall into the abyss that came before. Once they’ve had a taste of what it’s like not to be one heart attack away from bankruptcy, Americans won’t turn back the clock. Even what is lately being called Medicare for All, considered to be on the fringe left a decade ago and slammed as “socialized medicine,” is now supported by a majority of Americans, according to some polls. In practice, there’s little hope for Italian lessons one and two—the United States is making only baby steps toward improving its lifestyle, and its income inequality is worse every year. But the third lesson is more feasible. Like Italy, we can provide universal access to treatment and medications with minimal point-of-service payments and with prices kept down by government negotiation. Financial arrangements could be single-payer like Medicare or use private insurance companies as intermediaries like Switzerland, without copying the full Italian model of doctors on government salaries. Despite the death by a thousand cuts currently being inflicted on the Affordable Care Act, I am convinced that Americans will no longer stand for leaving vast numbers of the population uninsured, or denying medical coverage to people whose only sin is to be sick. The health care genie can’t be put back in the bottle.

Only a stock that many traders were selling short could be cornered; a stock that was in the throes of a real bear raid was ideal. In the latter situation, the would-be cornerer would attempt to buy up the investment houses’ floating supply of the stock and enough of the privately held shares to freeze out the bears; if the attempt succeeded, when he called for the short sellers to make good the stock they had borrowed, they could buy it from no one but him. And they would have to buy it at any price he chose to ask, their only alternatives—at least theoretically—being to go into bankruptcy or to jail for failure to meet their obligations. In the old days of titanic financial death struggles, when Adam Smith’s ghost still smiled on Wall Street, corners were fairly common and were often extremely sanguinary, with hundreds of innocent bystanders, as well as the embattled principals, getting their financial heads lopped off. The most famous cornerer in history was that celebrated old pirate, Commodore Cornelius Vanderbilt, who engineered no less than three successful corners during the eighteen-sixties. Probably his classic job was in the stock of the Harlem Railway. By dint of secretly buying up all its available shares while simultaneously circulating a series of untruthful rumors of imminent bankruptcy to lure the short sellers in, he achieved an airtight trap. Finally, with the air of a man doing them a favor by saving them from jail, he offered the cornered shorts at $179 a share the stock he had bought up at a small fraction of that figure.