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At an meeting in Newark, a former college hockey player sought to discharge debts from a long inventory of cards -- $16,000 owed to Chase, $10,000 to Capital One, $16,000 to MBNA America, $700 to Macy's.
Ferguson believes money was invented to record and discharge debts, and he passes rather quickly on to the rise of banking in the Middle Ages, the issue by governments of annuities and other bonds, the origins of insurance and the establishment of joint-stock companies.
At another meeting in Newark, a former college hockey player sought to discharge debts from an inventory of cards as long as his arm -- $16,000 owed to Chase, $10,000 to Capital One, $16,000 to MBNA America, $700 to Macy's.
He suffered the privations of the prison, and was unable to discharge debts that ran to £10,000.
Today, we see modern parallels of many of these injustices: police brutality and discrimination against poor people and people of color; minor indiscretions punished with lengthy sentences; poor people jailed for inability to discharge debts; inadequate indigent defense, leading to innocent people being convicted and, in several proven instances, executed for crimes they did not commit.
The No. 2 U.S. bank joined rivals Citigroup Inc. and JPMorgan Chase & Co., in reporting big losses from a surge in bankruptcy filings in advance of Oct. 17 changes to U.S. bankruptcy law that made it harder for Americans to discharge debts.
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Special rules around student loans, like forbidding most borrowers to discharge debt in bankruptcy.
They took advantage of bankruptcy not to discharge debt, but to load up on it.
They made it extremely difficult for real human beings to discharge debt in bankruptcy allowing corporations to do it easily.
Chopra has repeatedly urged a forceful government response to the nation's student debt crisis, such as by allowing borrowers to refinance loans with high interest rates or discharge debt in bankruptcy that they're unable to repay.
Finally, the corporation must apply the excluded discharged debt to reduce its tax attributes.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com