Re:The Geography of U.S. Inequality
by arethuza on Tuesday September 06, 2016 @11:22AM
(#12436640)
"limited liability"
I think people forget how big a deal this is - people who don't have it (e.g. old fashioned "joint and several liability" partnerships) can be in for a whole world of misery.
I remember hearing a BBC Radio 4 program a few years back on a financial disaster where a bank was both mutual and didn't have limited liability and collapsed, that was a disaster for anyone who had deposits at the bank (no matter how small).
I think people forget how big a deal this is - people who don't have it (e.g. old fashioned "joint and several liability" partnerships) can be in for a whole world of misery.
I remember hearing a BBC Radio 4 program a few years back on a financial disaster where a bank was both mutual and didn't have limited liability and collapsed, that was a disaster for anyone who had deposits at the bank (no matter how small).