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ACCORDING TO THE AMERICAN capitalist gospel, it is no sin to go belly up. Quite to the contrary, U.S. firms enjoy the most liberal bankruptcy laws on earth -- a privilege strengthened by a provision of the code known as Chapter 11 that holds creditors at bay while often allowing sick firms to bleed new buckets of red ink and still operate for years...
Congress added the Chapter 11 provision to the federal bankruptcy code in 1978 so companies could stay in business while working out repayment plans. But a national debate has now sprung up over whether the country would be better off if sick firms were allowed to die. Last year nearly 21,000 firms filed Chapter 11 petitions, the most since 1986. More significant, many of the new cases are mammoth, involving such familiar names as Macy's, TWA and Orion Pictures. While few large companies entered Chapter 11 before the mid-1980s, more than a dozen with assets exceeding...
...book's one flaw -- oddly enough, given its thesis -- is that Greider works too hard to achieve a rationally analytical prose style. His one first- person chapter on newspapers (winningly contrasting his early days on the blue-collar Cincinnati Post with the mature Ivy League-dominated Washington Post) serves as a road-not-taken reminder that in the struggle to express ideas -- as well as in the battle for political rectitude -- personal experience beats position papers hands down...
Gates says in Chapter 2 that the goal must be "to prepare our students for their roles as citizens of a world culture." The ever-defended "West" of Bennett and Bloom is properly conceived as part of a "larger whole" without a gelatinized, fixed canon but with a "porous, dynamic, and interactive" culture...
Harold Ewing, an airline pilot with 25 years ofexperience flying a similar route to that of KAL007, is also scheduled to speak at the discussion,which is sponsored by the IOP Projects Committeeand the Harvard Law School chapter of the NationalLawyers Guild