CIT Group's filing for Chapter 11 protection is the fifth-largest in U.S. history. Here are the top 10 U.S. bankruptcy filings, based on the companies' most recent annual report before filing for bankruptcy protection, according to BankruptcyData.com.
Lehman Brothers Holdings Inc., Sept. 15, 2008, $691.06 billion
Washington Mutual Inc., Sept. 26, 2008, $327.91 billion
WorldCom Inc., July 21, 2002, $103.91 billion
General Motors Corp., June 1, 2009, $91.05 billion-x
CIT Group Inc., Nov. 1, 2009, $71 billion
Enron Corp., Dec. 2, 2001, $65.50 billion
Conseco Inc., Dec. 17, 2002, $61.39 billion
Chrysler LLC, April 30, 2009, $39.30 billion
Thornburg Mortgage Inc., May 1, 2009, $36.52 billion
Pacific Gas and Electric Co., April 6, 2001, $36.15 billion
Original Article:
A look at the top 10 US bankruptcies - BusinessWeek
Will make sure that I sell for just a few Billion then, instead of holding on too long!
I dont understand how big corporations can be allowed to so badly mismanaged that they go bust. Youd think their boards were monitoring what was going on. Guess its down to sheer greed. Overstretching themselves in pursuit of big profits, borrowing heavily without paying too much attention to the world outside. Disgusting, you wonder how these CEO's became so reckless 
“I dont understand how big corporations can be allowed to so badly mismanaged that they go bust. Youd think their boards were monitoring what was going on. Guess its down to sheer greed.” It's incredible, household names with proud histories run into the ground because of reckless decisions. Suppose we can all be wise with hindsight, but as a business owner I know I have to take certain risks, but these are always thought through and ideas bounced around. How so many people in such large organisations can get it so wrong is staggering. Maybe its more complacency than greed, or a mixture of the two.
I wonder if anymore will be added to that list in 12 months time.... Clive |
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