Credit crunch

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Credit crunch

Postby Pete Tabord » Thu Nov 27, 2008 1:59 pm

Today's interesting fact.

In the Mongol empire, (ca. 1250-1400) many financial instruments and laws we would regard as 'modern' were introduced. Among these concepts were those of 'high risk enterprises' which were given tax breaks if the technology or new trade was thought to be worthwhile. And of bankruptcy, so anyone who failed in an endeavor to bring advantage to the empire in this way could clear their debts and try again. However there was also a 'three strikes and you are out' rule - go bankrupt three times and you were beheaded...
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Re: Credit crunch

Postby Phil Winkler » Thu Nov 27, 2008 2:04 pm

There goes Carl Icahn's head and a few others.
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