,HI]>*Y ( ,BANKRUPTCY 

,PEOPLE 3 

,AU?OR 3 ,*>LES ,F\RI] 

,TEXT 3 

,I,I,I 

,:5 A CRIME BECOMES V]Y FREQU5T1 ONE GETS ACCU/OM$ TO IT & WITNESSES IT ) 9DIFF]5CE4 .<#b#a#c.> ,9 ,ITALY OR ,SPA9 PEOPLE REMA9 QUITE COOL AT ! SI<T ( A HIR$ ASSASS9 /ABB+ HIS DESIGNAT$ VICTIM & TAK+ REFUGE 9 A *UR*1 :]E HE 5JOYS IMMUNITY4 ,9 ,ITALY ONE SEES FA!RS MUTILATE & MURD] !IR *ILDR5 TO IMPROVE !IR VOICE1 :ILE ! S]VANTS ( '! ,GOD ( PEACE' 5C\RAGE !M TO P]PETRATE !SE BRUTALITIES SO AS TO OBTA9 GOOD S+]S = !IR *OIRS4 ,SU* ABOM9ATIONS W\LD >\SE ! 9DIGNATION ( ALL O!R CIVILIZ$ NATIONS IF !Y OCCURR$ AMONG !M10 BUT ON ! O!R H& !Y 0HAVE O!R \TRAGE\S CU/OMS :I* W\LD MAKE ! ,ITALIANS' BLOOD BOIL4 

,IF ! CU/OMS & OP9IONS )9 CIVILIZATION DIFF] SO MU* FROM NATION TO NATION1 H[ MU* MORE MU/ !Y DIFF] FROM ONE SOCIAL EPO* TO ANO!R2 H[ HATEFUL W\LD ! VICES :I* >E TOL]AT$ 9 CIVILIZATION SEEM 9 LESS IMP]FECT SOCIAL /AGES6,ONE CAN H>DLY BELIEVE ?AT C\NTRIES :I* CALL !MSELVES 'WELL ORD]$ CAN TOL]ATE = A MOM5T SU* ABOM9ATIONS AS BANKRUPTCY4 444  

,BANKRUPTCY IS ! MO/ +5I\S & %AMELESS VILLA9Y ?AT HAS EV] EXI/$2 IT GU>ANTEES EV]Y M]*ANT ! ABILITY TO ROB ! PUBLIC ( A SUM PROPORTIONATE TO HIS =TUNE OR HIS CR$IT1 SO ?AT A RI* MAN CAN SAY3 ',I SET UP AS A TRADESMAN 9 #a#h#h2 ON SU* & SU* A DAY 9 ! YE> #aha ,I WILL /EAL SO & SO MANY M9IONS1 :OEV] !Y MAY BELONG TO4' 

,LET US LEAVE ASIDE A PRES5T DEVELOPM5T1 ! NEW ,FR5* CODE .<#b#a#d.> & ITS 9T5TION TO PUNI% BANKRUPTCY4 ,!RE IS NO UNANIMITY 9 RESPECT ( ! SUCCESS ( ?IS 9T5TION & MEANS ( EVAD+ ! NEW LAWS >E ALREADY BE+ SUGGE/$4 ,!RE=E WE %ALL FIR/ LET PRACTICE DECIDE & MEAN:ILE BASE \R >GUM5TS ON ALREADY KN[N FACTS2 CONSID] ! DISORD]S :I* RESULT FROM ! PHILOSOPHICAL SY/EM & ! PR9CIPLE3 ,LEAVE ! M]*ANTS COMPLETE FRE$OM1 )\T DEM&+ ANY GU>ANTEE ( ! CLEV]NESS1 ! HONE/Y OR ! SOLV5CY ( EA* 9DIVIDUAL4 

,FROM !SE >ISES1 ALONGSIDE O!R ABUSES1 BANKRUPTCY1 A /ILL MORE HE9\S ROBB]Y ?AN HI<WAY ROBB]Y4 ,H[EV]1 PEOPLE HAVE BECOME ACCU/OM$ TO IT & PUT UP ) IT SO WELL ?AT !Y EV5 RECOGNIZE HONE/ BANKRUPTCIES -- ?OSE 9 :I* ! SPECULATOR /EALS ONLY HALF4 

,LET US GO ON TO A DETAIL$ DESCRIPTION ( ?IS K9D ( H]OISM1 :I* WAS LITTLE KN[N 9 ANTIQUITY4 ,S9CE !N IT HAS EXP]I5C$ A BRILLIANT UPSW+4 ,IT PRES5TS ANALY/S ) A S]IES ( DEVELOPM5TS :I* TE/IFY TO \R PROGRESS T[>DS P]FECTIBILITY4 

,HI]>*Y ( ,BANKRUPTCY4-,FEATURE #c#a4-,! ,CRIMES ( ,TRADE4-,A ,FREE ,S]IES 9 ,?REE ,ORD]S1 ,N9E ,G5]A1 & ,?IRTY-,SIX ,SPECIES .<#b#a#e.> 

0,RI<T OR ASC5D+ W+4 ,LI<T HUES4 

,I4 ,! ,9NOC5T4 

#a7 ,*ILD BANKRUPTCY4 

#b7 ,D>E-DEVIL BANKRUPTCY4 

#c7 ,/EAL?Y BANKRUPTCY4 4 

#d7 ,PO/HUM\S BANKRUPTCY4 

,I,I4 ,! ,HONORABLE4 

#e7 ,GOOSE BANKRUPTCY4 

#f7 ,EC/ATIC BANKRUPTCY4 

#g7 ,UNPR9CIPL$ BANKRUPTCY4 

,I,I,I4 ,! ,S$UCTIVE4 

#h7 ,AMIABILITY BANKRUPTCY4 

#i7 ,BANKRUPTCY DE BON TON4 

#a7 ,AMOR\S BANKRUPTCY4 

#a#a7 ,BANKRUPTCY BY FAVOR4 

#a#b7 ,S5TIM5TAL BANKRUPTCY4 

0,C5T] ( ! ,S]IES4 ,GR&IOSE ,HUES4 

,I,V4 ,! ,TACTICIANS4 

#a#c7 ,FAT BANKRUPTCY4 

#a#d7 ,COSMOPOLITAN BANKRUPTCY4 

#a#e7 ,HOPEFUL BANKRUPTCY4 

#a#f7 ,TRANSC5D5T BANKRUPTCY4 

#a#g7 ,GRAD$ BANKRUPTCY4 

,V4 ,! ,MANEUV]]S4 

#a#h7 ,RUNN+ FIRE BANKRUPTCY4 

#a#i7 ,CLOSE-COLUMN BANKRUPTCY4 

#b7 ,M>*+-9-FILE BANKRUPTCY4 

#b#a7 ,SKIRMI%] BANKRUPTCY4 

,V,I4 ,! ,AGITATORS4 

#b#b7 ,BANKRUPTCY 9 GR& /YLE4 

#b#c7 ,L>GE-SCALE BANKRUPTCY4 

#b#d7 ,ATTILA BANKRUPTCY4 

0,LEFT OR ,DESC5D+ ,W+4 ,DIRTY ,HUES4 

,V,I,I4 ,! ,CUNN+ ,SNEAK]S4 

#b#e7 ,COMP5SATION BANKRUPTCY4 

#b#f7 ,BANKRUPTCY \T ( RANK4 

#b#g7 ,CRESC5DO BANKRUPTCY4 

#b#h7 ,GODLY BANKRUPTCY4 

,V,I,I,I4 ,! ,BUNGL]S 

#b#i7 ,FOOLS' BANKRUPTCY4 

#c7 ,9VALIDS' BANKRUPTCY4 

#c#a7 ,CRU%+ BANKRUPTCY4 

#c#b7 ,SW9I% BANKRUPTCY4 

,I,X4 ,! ,FALSE ,BRO!RS4 

#c#c7 ,VILLA9S' BANKRUPTCY4 

#c#d7 ,GALL[S-BIRD BANKRUPTCY4 

#c#e7 ,FUGITIVE BANKRUPTCY44 

#c#f7 ,BANKRUPTCY = FUN4 

,I,V 

,ASC5D+ ,W+ ( ,BANKRUPTS 

,9 A V]Y DEPRAV$1 V]Y GRASP+ C5TURY ONE W\LD BE A G5]AL LAU<+-/OCK IF ONE DECLAIM$ 9 A S*OOLMA/]'S TONE AGA9/ ! ACCR$IT$ VICES1 AGA9/ BANKRUPTCY4 ,IT IS MU* MORE S5SIBLE TO *IME 9 ! DOM9ANT TONE & TO SEE ! FUNNY SIDE ( SOCIAL CRIMES4 ,SO ,I %ALL TRY TO PROVE ?AT BANKRUPTCY IS AN EV5 MU* MORE LAU<ABLE VILLA9Y ?AN IT IS BELIEV$ TO BE BY ITS PROMOT]S & PROTECTORS1 :O SEE NO?+ BUT WELL-BEHAV$ TRIFLES 9 ITS M]CANTILE PLUND]4 

,EV]Y?+ IS RELATIVE1 9 VICE AS 9 VIRTUE4 ,EV5 ROBB]S HAVE !IR /&>DS ( JU/ICE & HONOR4 ,IT IS !RE=E NO WOND] ?AT AMONG !MSELVES BANKRUPTS ADMIT PR9CIPLES & DEGREES 9 RASCALITY4 ,I HAVE S\<T TO USE !SE AS A BASIS = MY DIVISION4 ,I HAVE DIVID$ !M ACCORD+ TO ! CU/OM 9 ?REE CORPS1 ! FIR/ ( :I* CONTA9S ! LI<T1 GRACEFUL HUES1 ! SECOND ! IMPOS+1 L(TY *>ACT]S1 & ! ?IRD ! RA!R 9CONSPICU\S1 TRIVIAL G5]A4 ,! RI<T W+ WILL OP5 ! RN>*-PA/4 

,! ,9NOC5T 

#a4 ,*ILD BANKRUPTCY IS ?AT ( ! GRE5HORN :O IS MAK+ HIS DEBUT 9 ! C>E]1 & 9CONSID]ATELY1 )\T ANY PREP>ATORY TACTICS1 9DULGES 9 ! MAD PRANK ( GO+ BANKRUPT4 ,! NOT>Y EASILY PUTS ! AFFAIR 9 ORD]4 ,HE PRES5TS IT AS A FOLLY ( Y\? & SAYS3 ',Y\? C\NTS ON Y\R 9DULG5CE1 ,MESSIEURS ! ,CR$ITORS4' ,! ANNOY+ BUS9ESS IS W\ND UP TO ! M]RIM5T ( ! PUBLIC1 = !SE GRE5HORN BANKRUPTCIES >E ALWAYS 9T]L>D$ ) AMUS+ 9CID5TS3 DUP$ USUR]S1 MY/IFI$ SK9FL9TS1 ETC4 

,! BANKRUPT ( ?IS G5US CAN RISK MASSES ( %ABBY AFFAIRS3 APPROPRIATION ( GOODS1 SC&AL\S LOANS1 !FTS FROM RELATIVES1 FRI5DS1 NEI<BORS -- EV]Y?+ IS WA%$ AWAY BY ! >GUM5T ( A RELATIVE :O SAYS TO ! IRATE CR$ITORS3 ',:AT CAN Y\ EXPECT -- HE IS A *ILD )\T ANY KN[L$GE ( BUS9ESS2 ONE MU/ CLOSE ONE'S EYES :]E Y\NG PEOPLE >E CONC]N$1 HE WILL IMPROVE ) TIME4' 

,!SE *ILD BANKRUPTS HAVE A /RONG SUPPORT ON !IR SIDE1 NAMELY MOCK]Y4 ,ONE LIKES TO MOCK 9 TRADE2 ONE IS 9CL9$ TO MOCK AT ?OSE :O >E DUP$ RA!R ?AN TO C5SURE ! VILLA9S1 & :5 A BANKRUPT HAS ! LAU<]S ON HIS SIDE HE IS SURE TO SEE ! MAJORITY ( HIS CR$ITORS CAPITULATE IMM$IATELY & TO W9 HIS COMPOSITION BY ASSAULT4 

#b4 ,D>$EVIL BANKRUPTCY2 ?AT ( C]TA9 BEG9N]S :O PLAY D\BLE OR QUITS1 PEOPLE :O GALLOP (F AT FULL SPE$1 SPECULATE & MANAGE !IR AFFAIRS LIKE MAD1 MAKE DUCKS & DRAKES ) HUGE SUMS ( MONEY & PLAY ! GR& G5TLEMAN TO A*IEVE BY /ORM A TEMPOR>Y CR$IT :I* !Y MANAGE TO SECURE BY SOME SECRET SACRIFICE4 ,:5 !SE D>$EVILS ONCE GET GO+ !Y HEAP BLUND] ON BLUND] & USUALLY 5D UP 9 FLI<T4 ,! AFFAIR WILL BE EXCUS$ AS BOT* WORK & EASILY >RANG$1 = IT PROVIDES MAT]IAL = MOCK]Y LIKE ! PREC$+ ONE4 

,!SE D>$EVILS >E EXTREMELY COMMON 9 ,FRANCE & >E H]E HONOR$ ) ! TITLE ( SPECULATORS4 ,!Y >E V]Y SURE ( !IR GAME IF !Y HA/5 ! DISCOV]Y SO ?AT !Y CAN TURN !IR SOM]SAULT AT ! V]Y MOM5T :5 !Y >E BELIEV$ TO HAVE H>DLY GOT GO+1 :5 EV]YBODY IS READY TO GRANT !M CR$IT = A FIR/4 DEAL & ?9KS3 'HE WILL C]TA9LY NOT COME A CROPP] 9 ! V]Y FIR/ YE>4'  

#c4 ,/EAL?Y BANKRUPTCY1 ! TYPE C>RI$ \T UND]H&1 IS ONE 9 :I* ! EMB>RASS$ DEBTOR PROPOSES 'A SMALL >RANGEM5T'1 A REBATE ( #be P] C5T OR COV]AGE 9 GOODS TO HE OV]-ASSESS$ BY #be P] C5T4 ,! M$IATOR REM>KS TO ! CR$ITORS ?AT ?IS IS V]Y ADVANTAGE\S = !M1 = IF !Y PRESS ! DEBTOR & OBLIGE HIM TO GO BANKRUPT !Y WILL LOSE AT LEA/ #e P] C5T4 

,?IS K9D ( RELATIVE CALCULATION IS V]Y MU* 9SI/$ UPON 9 TRADE4 ,ONE (T5 COMES ACROSS VILLA9S :O1 AFT] !Y HAVE ROBB$ Y\ ( #c P] C5T1 TRY TO PROVE ?AT Y\ >E MAK+ AN 5ORM\S PR(IT BECAUSE !Y >E NOT FLEEC+ Y\ ( #e P] C5T4 ,O!RS MA9TA9 ?AT !Y HAVE TO BE> HEAVY LOSSES BECAUSE !Y >E E>N+ NO MORE ?AN #d P] C5T ON Y\ & ACTUALLY %\LD BE E>N+ #f P] C5T4 ,?IS APP>5TLY RIDICUL\S WAY ( RECKON+ IS RECOGNIZ$ EV]Y:]E 9 COMM]CE2 IT HAS ITS GREATE/ TRIUMPH 9 UND]H& BANKRUPTCY4 ,PEOPLE 9SI/ ?AT ?IS SMALL REBATE ( #be P] C5T IS A CLE> NET PR(IT COMP>$ ) ! #e P] C5T ?AT BANKRUPTCY W\LD CO/4 ,%AK5 BY ! =CE ( ?IS >GUM5T1 ! CR$ITORS AGREE TO ! 'SMALL >RANGEM5T'4 ,HE :O WAS TO RECEIVE #d1 FRANCS GETS #c11 & ?AT IS BY NO MEANS CALL$ BANKRUPTCY4 

#d4 ,PO/HUM\S BANKRUPTCY1 :I* IS ADJUDICAT$ AFT] ! H]O'S DEA?2 IT BECOMES A PLEA 9 DEF5SE ( ! DECEAS$ :O HOP$ TO SET HIS BUS9ESS 9 ORD] AGA9 & W\LD C]TA9LY HAVE BE5 A CR$IT TO IT IF HE HAD BUT LIV$4 ,AFT] ?AT HIS EXCELL5T QUALITIES >E PRAIS$ & HIS POOR ORPHANS S9C]ELY PITI$4 ,SURELY ! CR$ITORS WILL NOT WI% TO WORRY A TE>FUL WID[6 ,IF %E IS BEAUTIFUL ?AT W\LD BE ALTOGE!R B>B>IC6 ,MEAN:ILE1 ! WID[1 ) ! HELP ( A FEW P]SONS ( TRU/1 HAS MANAG$ SOME SIZABLE DEFALCATIONS BE=E ! SEAL+4 ,! DEFICI5CIES WILL BE *>G$ TO ! DECEAS$1 :O DID NOT HAVE TIME TO PUT HIS AFFAIRS 9 ORD] & :O WILL NOT COME BACK TO DISPROVE ?IS LITTLE FIB4 ,IF !RE WAS A DEFICIT ( #be P] C5T IT WILL EASILY BE 9CREAS$ TO #e P] C5T1 IT DOES NOT CO/ ANY MORE ONCE ONE HAS MADE A BEG9N+2 BESIDES1 H[ /UPID IT W\LD HE TO GO BANKRUPT ) A #be P] C5T DEFICIT :5 PEOPLE ) ONE ( #e P] C5T >E /ILL CONSID]$ HONE/-ESPECIALLY :5 ! FAULT LIES ) A HI<LY RESPECTABLE DECEAS$ P]SON1 :OSE MEMORY IT W\LD BE ABOM9ABLE TO DISCR$IT6 

,! ,HONORABLE 

,! F\R SPECIES M5TION$ >E ?OSE ( FICTITI\S 9NOC5CE4 ,WE NO W LET ?OSE ( REAL 9NOC5CE PASS 9 REVIEW4 ,IT W\LD BE UNFAIR TO BR& BANKRUPTS 5 MASSE BECAUSE N9E-T5?S ( !M >E SC\NDRELS4 ,I %ALL ADDUCE ?REE TRULY EXCUSABLE CLASSES4 ,WE %ALL HAVE BUT TOO MANY GUILTY ONES TO ACCUSE2 SO LET US FIR/ SEEK SOME HONE T PEOPLE AMONG ?IS CONFRAT]NITY1 :I* HAS BECOME SO NUM]\S S9CE ! REVOLUTION ?AT 9 SOME T[NS ONE NO LONG] ASKS :O HAS1 BUT :O HAS NOT GONE BANKRUPT4 

#e4 ,GOOSE BANKRUPTCY IS ?AT ( AN UN=TUNATE ONE :O DOES NOT PECULATE A MITE1 H&S EV]Y?+ OV] TO ! CR$ITORS & ?R[S HIMSELF ON !IR M]CY )\T ANY DECEPTION4 ,! O!R BANKRUPTS MOCK AT HIM & DECL>E HIM TO BE A SIMPLETONS = NOT AT LEA/ FEA!R+ HIS NE/2 & 9 FACT SU* A LOYAL MAN IS UNWOR?Y ( \R C5TURY ( P]FECTIBILITY4  

#f4 ,EC/ATIC BANKRUPTCY IS ! WORK ( A MAN :O IS DESP]ATE1 CONSID]S HIMSELF DI%ONOR$ & SOMETIMES %OOTS HIMSELF OR JUMPS 9TO ! WAT]4 IT MEANS ONE IS WELL BEH9D ! TIMES IF ONE WI%ES TO BE AN HONE/ MAN 9 ! #a#i? C5TURY1 & MOREOV] 9 TRADE6 

,ALL ! SAME IT IS A PLEASURE = ME TO HAVE TO SAY ?AT ONE /ILL COMES ACROSS SU* PEOPLE 9 TRADE4 BUT !Y >E FEW & F> BETWE5 -- R>I NAUTES 9 GURGITE VA/O .<,R>E SWIMM]S 9 A VA/ GULF1 ,VIRGIL1 ,5EID.>4 ,EV]YBODY =ETELLS !M !IR FATE1 SO WELL KN[N IS ! FACT ?AT \T ( T5 VILLA9S ?AT PLUNGE 9TO TRADE N9E MAKE !IR =TUNE1 :]EAS \T ( T5 HONE/ PEOPLE N9E >E RU9$4 

#g4 ,UNPR9CIPL$ BANKRUPTCY IS ?AT ( A BOOBY :O LETS JU/ICE 9T]V5E & PRON\NCE S5T5CE BR&+ HIM & /RIPP+ HIM NAK$ 9/EAD ( DO+ AS SO MANY CLEV] PEOPLE DO1 :O MANAGE TO EM]GE FROM ?IS PR$ICAM5T ) HONOR & PR(IT4-,!SE ?REE HONE/ KNI<TS >E SO LITTLE WOR?Y ( ! EXALT$ CONFRAT]NITY ?AT ,I PASS OV] !M QUICKLY4 ,WE N[ COME TO A SORT :I* IS MORE CAPABLE ( E>N+ ! APPLAUSE ( EXP]TS4 

,! ,S$UCTIVE 

,:Y %\LD ONE NOT LET ONESELF BE S$UC$ BY BANKRUPTS AS ONE IS BY SO MANY O!R WICK$ CLASSES8 ,WE %ALL N[ 9SPECT A CLIQUE :I* POSSESSES EV]Y K9D ( *>M & IS MADE TO CONQU] ALL HE>TS4 

#h4 ,AMIABILITY BANKRUPTCY1 ECONOMICAL BANKRUPTCY1 IS ?AT ( A LITTLE MAN AS SWEET AS HONEY :O DESIRES NO?+ BUT ! GOOD ( HIS CR$ITORS1 W\LD BE DESP]ATE IF HE HAD TO PUT !M \T ( POCKET1 & PRESSES !M TO NEGOTIATE = #e P] C5T 9 ORD] TO AVOID ! 9T]V5TION ( JU/ICE :I* W\LD DEV\R ! LOT4 ,HE HAS ! CR$ITORS NOTIFI$ ?AT HE WANTS TO TREAT !M AS FRI5DS :OSE 9T]E/S >E DE> TO HIM4 ,FULL ( GRATITUDE = ! FRI5DLY S]VICES !Y HAVE R5D]$ HIM1 HE TREMBLES AT ! ?\<T ( HAV+ TO CAUSE !M LAWSUIT CO/S4 ,!SE SMOO? WORDS & O!R GUILES S$UCE SOME :ILE O!RS YIELD = FE> ( JU/ICE SWALL[+ UP ! LOT4 

#i4 ,BANKRUPTCY DE BON TON IS ?AT ( PEOPLE :O >E V]Y MU* LIK$ 9 REF9$ SOCIETY & MA9TA9 !IR H\SEHOLD ON AN EXCELL5T FOOT+ TILL ! LA/ MOM5T4 ,AS !Y >E COMME II FAUT 9 ALL RESPECTS1 !Y HAVE ABUNDANT PROTECTION & :5 !Y >E NOT AT MORE ?AN #f P] C5T 9 DEFICIT !Y EASILY GET A COMPOSITION2 ESPECIALLY :5 ! LADY & ! DAU<T]S ( ! H\SE CAN HE US$ AS PLEAD]S & AVAIL !MSELVES ( ! DECISION ( A ,SAN*EZ .<#b#a#f.> :O ALL[S !M TO WE> A V]Y TRANSP>5T SC>F :5 !Y GO SOLICIT+ 9 IMPORTANT MATT]S4 

#a4 ,AMOR\S BANKRUPTCY IS ?AT ( PRETTY LADIES2 IT IS NOT DEC5T TO COMPLA9 AB\T IT1 ! FAIR SEX IS 5TITL$ TO CONSID]ATION4 ,A PRETTY WOMAN HAS A BUS9ESS1 GOES BANKRUPTS ROBS Y\ ( A ?\S& TAL]S2 IF Y\ PE/] H] IT ONLY GOES TO %[ ?AT Y\ HAVE NO SAVOIR VIV]2 %E IS RI<T :5 %E HAS NO PATI5CE ) ! 9TRACTABLE4 ,I HE>D ONE SU* LADY SAY AB\T A CR$ITOR3 ',:AT A MANL ,!Y EV5 SAY HE IS /ILL GRUMBL+2 ,I ADVISE HIM1 9DE$1 TO COMPLA9 AB\T HIS FIFTY L\IS1 ,I %\LD HAVE *ALK$ HIM UP = TWICE AS MU*6' ,HE HAD HAD C]TA9 9TIMACIES ) ! LADY1 %E HAD ! RI<T TO TREAT HIM AS UNGRATEFUL4 

#a#a4 ,BANKRUPTCY BY FAVOR1 9 ! CASE ( :I* IT IS OBVI\S ?AT ! CR$ITORS D]IVE PR(IT -- & H[ DOES ?AT HAPP58 ,:5 ! BANKRUPT /EALS ONLY A LITTLE1 #d P] C5T1 & PROVIDES SECURITY1 A V]Y SUB/ANTIAL CAUTION1 = ! RE/4 ,?IS IS CONSID]$ SO =TUNATE ?AT ! NOT>Y CONGRATULATES ! ASSEMBL$ CR$ITORS1 CONGRATULATES !M ON AN EXCELL5T PIECE ( BUS9ESS1 A 'REAL FAVOR'4 ,TO LOSE ONLY F\R ?\S& FRANCS \T ( T5 ?\S& & TO GET SIX ?\S& PAID BACK IS A REAL ADVANTAGE4 ,SOMEBODY NOT ACCU/OM$ TO COMM]CE W\LD BE UNABLE TO APPRECIATE ?IS FAVOR2 HE W\LD WANT TO HAVE ALL ( HIS T5 ?\S& & W\LD ?9K HE HAD BE5 ROBB$ ( F\R ?\S&4 ,:AT BAD MANN]S6 ,TO CLAIM ?AT A MAN ROBS Y\ :5 HE D$UCTS #d P] C5T DISC\NT & O!RWISE TREATS Y\ 9 A FRI5DLY WAY6 

#a#b4 ,S5TIM5TAL BANKRUPTCY OCCURS ) C]TA9 PEOPLE :O DELIV] SPEE*ES TO BREAK Y\R HE>T & P\R \T SU* FLOODS ( FEEL+ & VIRTUE OV] ! CR$ITOR ?AT HE W\LD BE A B>B>IAN IF HE DID NOT 9/ANTLY SURR5D]1 DID NOT E/EEM HIMSELF HAPPY TO OBLIGE SU* F9E PEOPLE :O T5D]LY LOVE ALL ?OSE :OSE MONEY !Y CAUSE TO DISAPPE>4 ,PEOPLE ( ?IS K9D PAY ) EXCELL5T EXCUSES & V]Y FLATT]+ EULOGIES1 !Y CAT* ! CR$ITOR BY HIS FEEL+S1 CONV]SE ) HIM ONLY AB\T HIS & !IR VIRTUES2 Y\ FEEL SO MU* IMPROV$ :5 ! CONV]SATION IS OV]3 Y\ DISCOV] 9 Y\RSELF 'A MULTITUDE ( VIRTUES :I* AMPLY \TWEI< ! SUM AB/RACT$4 ,Y\ HAVE A FEW ?\S& FRANCS LESS BUT ALL ! MORE VIRTUES3 IT IS A CLE> PR(IT = BEAUTIFUL S\LS4 

,ONE ( ?OSE ACTORS SAID TO ME ONE DAY3 ',I WAS SO SORRY = ! G5TLEM51 !Y >E V]Y F9E1 V]Y RESPECTABLE PEOPLE' -- & ! GOOD Y\NG MAN1 AS PRO( ( HIS RESPECT1 ROBB$ !M AT ONCE 9 ! FIR/ DEAL ) A BILL ( EX*ANGE :I* HE GAVE !M AS A PRES5T & A TOK5 ( WELCOME4 ,HE HAD DRAWN ! SUM 9 ORD] TO COME 9TO CONTACT ) !M1 & A MON? LAT] HE W5T BANKRUPT4 ,:AT A JOY = !SE G5TLEM5 TO HAVE RECEIV$ HIS RESPECT AS A SECURITY = T5 ?\S& FRANCS6 

,I HAVE KEPT MY WORD1 ,I HAD PROMIS$ A S$UCTIVE COMPANY4 ,!RE IS NO?+ BUT FRI5D%IP1 FAVOR1 BON TON1 & T5D] FEEL+S 9 ALL BANKRUPTCIES ( ?IS TRULY AMIABLE S]IES4 ,BUT IF IT IS CALCULAT$ TO W9 HE>TS4 O!RS WILL COMM& WOND]1 GIVE RISE TO BRILLIANT UPSW+S1 TRANSC5D5T *>ACT]S1 & REPRES5T ! H]OES ( !IR G5US4 

,V4 

,C5T]4-,GR&OISE ,HUES 

,WE N[ COME TO ! MAGNIFIC5T MANIFE/ATIONS ( ! SPIRIT ( COMM]CE1 TO ! EXT5SIVE OP]ATIONS :I* DEMON/RATE ! C5TURY'S IMM5SE PROGRESS T[>DS REBIR? & P]FECTIBILITY4 ,BANKRUPTCY WILL H]E UNFOLD ITS MA/]Y & OP]ATE ACCORD+ TO F>-REA*+ PLANS1 ! EXPOSITION ( :I* W9 PROVE ! WISDOM ( ! PR9CIPLE3 ,LET ! M]*ANTS DO !IR JOB1 LEAVE !M COMPLETE FRE$OM = !IR L(TY CONCEPTIONS ( DECEIT & PLUND]4 

,! ,TACTICIANS 

#a#c4 ,FAT BANKRUPTCY IS ?AT ( SPECULATORS ( HI< /&+ :O POSSESS ! G5IUS ( TRADE4 ,BANK] ,DORANTE .<#b#a#g.> HAS TWO MILLION & WI%ES TO A*IEVE AS SOON AS POSSIBLE BY SOME MEANS A =TUNE ( F\R TO FIVE MILLION4 ,BY VIRTUE ( HIS KN[N CAPITAL HE RECEIVES CR$IT AM\NT+ TO EI<T MILLION 9 BILLS ( EX*ANGE1 GOODS1 ETC41 SO HE HAS A FUND ( T5 MILLION TO PLAY )4 ,HE PLUNGES 9TO GR& SPECULATION & DEALS 9 GOODS & /ATE SECURITIES4 ,AT ! 5D ( ! YE> HE MAY HAVE LO/ HIS TWO MILLION 9/EAD ( D\BL+ !M2 Y\ CONSID] HIM AS RU9$ -- NOT AT ALL1 HE WILL HAVE ! F\R MILLION JU/ AS IF HE HAD TRANSACT$ GOOD BUS9ESS2 = HE /ILL HAS ! EI<T MILLION ?AT HE HAS RECEIV$ & BY MEANS ( AN 'HONE/' BANKRUPTCY HE >RANGES TO PAY HALF ( ?IS OV] SEV]AL YE>S4 ,S,O IT HAPP5S ?AT AFT] LOS+ HIS [N TWO MILLION HE F9DS HIMSELF 9 POSSESSION ( F\R MILLION ?AT HE HAS AB/RACT$ FROM ! PUBLIC4 ,:AT A WOND]FUL ?+1 ?IS FREE TRADE6 ,DO Y\ N[ GRASP :Y ONE HE>S IT SAID EV]Y DAY ( A M]*ANT3 ',HE IS DO+ V]Y WELL S9CE HIS BANKRUPTCY'8 

,A FUR!R OPPORTUNITY = ! BANKRUPT3 ,DORANTE1 AFT] A PECULATION ( F\R MILLION1 RETA9S 9TACT HIS HONOR & PUBLIC RESPECT1 NOT AS A LUCKY VILLA91 BUT AS AN UNLUCKY M]*ANT4 ,LET US EXPLA9 ?IS4 

,DORANTE OBTA9$ CONTROL OV] PUBLIC OP9ION :ILE HE WAS POND]+ HIS BANKRUPTCY3 HIS FETES 9 T[N1 HIS C\NTRY P>TIES SECUR$ HIM W>M SUPPORT]S2 ! GILD$ Y\? IS = HIM2 ! BELLES SYMPA?IZE ) HIS MIS=TUNE -- MIS=TUNE TODAY IS A SYNONYM = BANKRUPTCY2 !RE IS PRAISE = HIS NOBLE *>ACT]1 :I* DES]VES A BETT] LOT4 ,IT ALMO/ SEEMS1 ACCORD+ TO :AT HIS DEF5D]S SAY1 ?AT ! BANKRUPT HAS COME (F WORSE ?AN ?OSE :OSE =TUNE HE HAS DE/ROY$4 ,IT IS ALL BLAM$ ON POLITICAL EV5TS1 ! UNFAVORABLE CONDITIONS & O!R V]BIAGE CURR5T AMONG NOT>IES :O >E ADEPTS AT HOLD+ (F ATTACKS BY IRATE CR$ITORS4 ,AFT] ! FIR/ /ORM ,DORANTE BR+S 9 A FEW MIDDLEM51 A FEW OPPORTUNELY DI/RIBUT$ WADS ( MONEY1 & SOON PUBLIC OP9ION IS SO WELL H$G$ 9 ?AT ANYBODY :O D>ES TO SPEAK AGA9/ ,DORANTE IS DECL>$ TO BE A CANNIBAL4 ,& BESIDES1 ?OSE :OM HE ROBB$ ( ! BIGGE/ SUMS >E A HUNDR$ OR TWO HUNDR$ MILES AWAY1 9 ,HAMBURG OR 9 ,AM/]DAM2 !Y WILL COOL D[N 9 TIME1 !Y DO NOT MATT] MU*1 !IR DI/ANT YAPP+ DOES NOT AFFECT OP9ION 9 ,P>IS4 ,MOREOV]1 ,DORANTE ONLY CAUSES !M TO LOSE HALF ( !IR MONEY1 & CU/OM HAS IT ?AT HE :O /EALS ONLY HALF IS MORE UN=TUNATE ?AN GUILTY2 SO ?AT 9 ! PUBLIC M9D ,DORANTE /&S CLEAN FROM ! />T4 ,AFT] A MON? PUBLIC ATT5TION IS DIV]T$ BY O!R BANKRUPTCIES :I* CREATE A BIGG] S5SATION & 9 :I* BETWE5 TWO-?IRDS & ?REE-QU>T]S W5T WE/4 ,NEW SPL5DOR = ,DORANTE1 :O TOOK ONLY HALF1 & !N IT IS AN OLD =GOTT5 /ORY4 ,DORANTE'S H\SE BEG9S GRADUALLY TO OP5 TO ! PUBLIC AGA91 HIS COOK RECOV]S HIS OLD SWAY OV] HE>TS & M9DS & UNHE$$ >E ! CRIES ( SOME BLACK-GALL$ CR$ITORS :O HAVE NO SYMPA?Y = MIS=TUNE & HAVE NO REG>D = ! CONSID]ATION DUE TO GOOD SOCIETY4 

,?US 9 LESS ?AN SIX MON?S 5DS ! OP]ATION BY :I* ,DORANTE & ?OSE ( HIS K9D ROB ! PUBLIC ( MILLIONS1 RU9 FAMILIES :OSE =TUNES !Y HOLD 9 !IR H&S1 HURL HONE/ M]*ANTS 9TO BANKRUPTCY :I* ASSIMILATES !M TO VILLA9S4 ,BANKRUPTCY IS ! ONLY SOCIAL CRIME :I* SPREADS EPIDEMICALLY & PLUNGES ! HONE/ MAN 9TO ! SAME DISGRACE AS ! RASCAL4 ,! MORE HONE/ M]*ANT :O HAS SUFF]$ FROM ! BANKRUPTCIES ( TW5TY KNAVES IS HIMSELF =C$ 9 ! 5D TO CEASE HIS PAYM5TS4 

,H5CE IT COMES ?AT ! VILLA9\S BANKRUPTS1 I4E41 N9E-T5?S ( ! TRIBE1 CLAIM TO BE HONE/ PEOPLE :O HAVE BE5 UN=TUNATE & %\T 9 *ORUS3 ,WE >E TO BE PITI$ MORE ?AN BLAM$4 ,IF Y\ LI/5 TO !M1 !Y >E ALL LITTLE SA9TS1 LIKE GALLEY-SLAVES1 :O ALL CLAIM TO HAVE DONE NO?+ WRONG4 

,TO ?IS ! SUPPORT]S ( FREE COMM]CE WILL RETORT ) TALK ( REPRESSIVE LAWS1 ( TRIBUNALS2 YES1 9DE$6 ,TRIBUNALS = PEOPLE :O /EAL SEV]AL MILLION AT ONE GO6 9CID5TALLY1 ! SAY+ ?AT PETTY ?IEVES >E HANG$ :ILE .<! BIG ONES GO SCOT-FREE.> IS FALSE AS REG>DS TRADE1 = EV5 ! SMALLE/ BANKRUPTCY EVADES JU/ICE UND] ! PROTECTION ( ! M]*ANTS4  

#a#d4 ,COSMOPOLITAN BANKRUPTCY4 ,?IS IS AN ALLIANCE ( ! COMM]CIAL M9D ) ! PHILOSOPHICAL4 ,A BANKRUPT IS A TRUE COSMOPOLITE IF AFT] EXPLOIT+ ONE K+DOM HE GOES ?R\< A S]IES ( BANKRUPTCIES 9 SEV]AL O!RS4 ,?IS IS A SAFE SPECULATION4 ,ON >RIVAL ONE IS UNKN[N1 IF NECESS>Y ONE *ANGES ONE'S NAME1 AS ,JEWS DO1 & RECEIVES CR$IT AT ONCE ON ! /R5G? ( ! CAPITAL AMASS$ AS A RESULT ( AN E>LI] BANKRUPTCY4 IT IS A DELI<TFUL IDEA ( MOD]N POLITICS TO H& OV] ! G5]AL ADM9I/RATION ( ! 9DU/RIAL PRODUCT TO PEOPLE :O >E NOT TI$ BY ANY SOLID L9K1 ANY BIG L&$ E/ATE TO !IR NATIVE C\NTRY & :O1 AS COSMOPOLITES1 CAN RECKON ON HALF A DOZ5 SUCCESSIVE BANKRUPTCIES 9 ,P>IS1 ,LONDON1 ,HAMBURG1 ,TRIE/E1 ,NAPLES & ,CADIZ4 ,I %ALL DEPICT ?IS BANKRUPTCY UND] ! HEAD+ ( RUNN+ FIRE1 :I* HAS A COSMOPOLITE AS ! PIVOTAL PO9T ( ITS MANEUV]4 

#a#e4 ,HOPEFUL BANKRUPTCY4 ,?IS DATES REALLY FROM AFT] ! REVOLUTION & IS H>DLY HALF A C5TURY OLD4 ,Y\NG PEOPLE =M]LY DID NOT MAKE !IR DEBUT 9 COMM]CE SO E>LY1 !Y W]E NEV] *IEFS BE=E !IR ?IRTIE? YE>4 ,N[ AT ! AGE ( EI<TE5 !Y RUN A H\SE & AT TW5TY !Y CAN HAVE !IR FIR/ BANKRUPTCY1 :I* JU/IFIES GREAT HOPES = ! FUTURE4 ,!RE >E SOME :O BE=E !Y >E ?IRTY HAVE ALREADY BE5 BANKRUPT ?REE TIMES & MORE ?AN ONCE GOT ?R\< ONE HUNDR$ TAL]S BELONG+ TO !IR SLEEP+ P>TN]4 ,:5 ONE SEES !M ONE SAYS3 'HE IS V]Y Y\NG TO HAVE SU* FAME1 BUT WE >E LIV+ 9 ! AGE ( Y\NG PEOPLE4' 

#a#f4 ,TRANSC5D5T BANKRUPTCY REQUIRES A F>-REA*+ PLAN1 AN IMM5SE UPSW+1 AN (FICE ) ?IRTY TO =TY CL]KS1 NUM]\S %IPS1 COLOSSAL 9T]E/S 9 ALL C\NTRIES1 !N A SUDD5 CRA%1 A T]RIBLE SOM]SAULT ! C\NT]BLA/S ( :I* E*O 9 ! F\R CORN]S ( ! WORLD1 & A *AOS ( LIQUIDATIONS ON ! FAT ( :I* BUS9ESSM5 CAN ?RIVE = T5 YE>S4 ,IT IS AN OP]ATION 9 :I* ! M]CANTILE G5IUS IS UNFOLD$ 9 ALL ITS BRILLIANCE2 IT MU/ 5TAIL A LOSS ( AT LEA/ ?REE-QU>T]S1 = 9 ?IS MI<TY PICTURE EV]Y?+ MU/ HE LAID \T MAGNIFIC5TLY4 

#a#g4 ,GRAD$ BANKRUPTCY IS ?AT ( A SPECULATOR :O1 BY WISELY DIRECT+ HIS OP]ATION1 CAN A*IEVE A C>E] ( SEV5 OR EI<T SUCCESSIVE BANKRUPTCIES4 ,9 ?IS CASE HE MU/ ADOPT A DIFF]5T C\RSE ?AN ! ONE :O AIMS AT ONLY ONE OR TWO4 

,! PR9CIPLES >E3 

#a7 9 ! FIR/ BANKRUPTCY TO PLUND] ONLY ) MEASURE2 #e P] C5T IS SUFFICI5T1 ONE MU/ NOT MAKE ! PEOPLE WILD FROM ! />T1 & ! SECOND BANKRUPTCY W\LD BE TOO DIFFICULT IF ONE DISCR$IT$ ONESELF AT ! FIR/ TRIAL /ROKE ?R\< TOO GREAT COVET\SNESS2 

#b7 9 ! SECOND BANKRUPTCY TO PLUND] ONLY V]Y LITTLE1 NOT MORE ?AN #c P] C5T1 9 ORD] TO PROVE ?AT ! BANKRUPT HAS LE>N$ SOME?+1 ?AT HE ALREADY OP]ATES MORE SKILLFULLY & CAUTI\SLY1 & ?AT HE WILL BECOME AN ACCOMPLI%$ M]*ANT1 A WOR?Y 'FRI5D ( TRADE' 1 :5 HE HAS RECOV]$ FROM ?IS SECOND BL[2 

#c7 9 ! ?IRD TO PLUND] ABUNDANTLY1 AT LEA/ #h P] C5T1 CLAIM+ ?AT IT IS NO ORD9>Y DEFICIT1 BUT ONE CAUS$ BY EXTRAORD9>Y MIS*ANCE2 TO SEE IT ?R\< BY PLEAD+ SOME CRITICAL CIRCUM/ANCES1 TO DRAW ATT5TION TO ONE'S GOOD BEHAVIOR 9 ! SECOND BANKRUPTCY 9 ORD] TO PROVE ?AT ! BLAME LIES 5TIRELY ) EV5TS2 

#d7 9 ! F\R? TO PLUND] ONLY #e P] C5T 9 ORD] TO PROVE ?AT ONE IS A CAUTI\S MAN & KN[S H[ TO REMA9 )9 ! APPROPRIATE B\NDS :5 NOT SWEPT AWAY BY CIRCUM/ANCES2 

#e7 9 ! FIF? ONE CAN GO AS F> AS #f P] C5T1 BECAUSE ! PUBLIC IS ACCU/OM$ TO IT2 #a P] C5T MORE OR LESS SPOILS NO SPECULATION ( ?IS K9D :5 PUBLIC OP9ION HAS BECOME ACCU/OM$ TO IT2 = IT IS KN[N ?AT :OEV] HAS HAD F\R BANKRUPTCIES WILL ALSO HAVE A FIF? & A SIX?4 ,I HAVE SE5 ONE BANKRUPT :O WAS LAU<$ AT AFT] HIS F\R? BANKRUPTCY BECAUSE HE WORE A CL]ICAL HAT AS A SIGN ( PIETY & GOOD MORALS2 HE DID NOT LET HIMSELF BE PUT (F & PREP>$ ! FIF?4 

,! SIX? & SEV5? >E AD LIBITUM1 ONE HAS !M ONLY AS AGE DRAWS ON & :5 ONE ?9KS ( RE/+ ON ONE'S LAURELS4 ,NO?+ IS EASI] ?AN TO EXCUSE A SIX? BANKRUPTCY2 ONE IS TOO OLD TO *ANGE1 NOBODY IS SURPRIS$ ANY LONG]4 ,= ! RE/1 IT IS >GU$ ?AT ! GOV]NM5T REFUSES TO PROTECT TRADE & IS ! CAUSE ( !SE LITTLE SETBACKS ( HONE/ BUS9ESSM54 

,LET NO ONE BE SURPRIS$ IF ,I GIVE H]E A FEW PR9CIPLES TO HE US$ 9 BANKRUPTCY2 IT IS A QUITE NEW >T :I*1 LIKE ECONOMICS1 FROM :I* IT SPRANG1 HAS AS YET NO FIX$ PR9CIPLES1 NOR EV5 A ME?ODICAL NOM5CLATURE4 ,= 9/ANCE1 TITLES HAVE BE5 GIV5 ONLY TO %E FIR/ F\R /AGES 9 GRAD$ BANKRUPTCY4 

,! MAN :O HAS HAD HIS FIR/ BANKRUPTCY IS SIMPLY A ',KNI<T'1 ',AT ! SECOND HE RECEIVES ! TITLE ( ',PR9CE'1 

,AT ! ?IRD ! TITLE ( ',K+'1 

,AT ! F\R? ',EMP]OR'4 

,= ! FIF?1 SIX? & SEV5? GRADE !RE >E NOT YET ANY NAMES AMONG ! MEMB]S ( ! TRADE4 ,A TRUE 'FRI5D ( TRADE' MU/ RISE TO ! FULL OCTAVE4 ,9 ORD] TO BE A 'H>MONI\S' BANKRUPT ONE MU/ HAVE HAD SEV5 'HONE/' BANKRUPTCIES ) AV]AGE LOSSES ( #e P] C5T1 & !N A RE9=C$1 A COMPLETE BANKRUPTCY1 AS ! PIVOTAL PO9T 9 ! S]IES2 IT IS !N ALL[$ TO PLUND] TO ! EXT5T ( AT LEA/ #h P] C5T AS AN 9DEMNITY = ! MOD]ATION %[N 9 ! O!RS2 ! FIFTY P] C5T ( E>LI] BANKRUPTCIES IS ONLY ! HONE/ T>IFF1 A QUITE SMALL SLICE1 GIV+ NOBODY ! RI<T TO C5SURE1 BECAUSE IT IS ! ACCEPT$ RATE = BANKRUPTCIES1 A FIX$ PRICE1 EXACTLY LIKE ! PRICE ( T>TLETS OR COA* F>ES4 

,! ,MANEUV]]S 

,9 ?IS ITEM WE DEAL ) ! MASS EVOLUTIONS :I* REQUIRE COOP]ATION ( DIFF]5T BANKRUPTS = ! GOOD ( TRADE & ! TRIUMPH ( L(TY TRU?4 ,!SE COLLECTIVE MANEUV]S WILL %[ US F\R SORTS ( EVOLUTION >TI/S4 

#a#h4 ,RUNN+ FIRE BANKRUPTCY4 ,?IS IS G5]ALLY CAUS$ BY C\NT]BLA/S1 ?R\< A CONCAT5ATION ( BANKRUPTCIES1 ONE CAUS$ BY ANO!R4 ,I %ALL DESCRIBE ONE ( ! M$IUM SORT1 ! B\RGEOIS K9D1 BECAUSE !Y >E MO/ UND]/&ABLE = ! BULK ( READ]S4 ,WE %ALL TAKE ONE ( ! COSMOPOLITAN >TI/S1 :OSE DEF9ITION ,I HAVE PO/PON$1 AS ! PIVOTAL PO9T ( ! RUNN+ FIRE MANEUV]4 

,JUDAS ,ISC>IOT >RIVES 9 ,FRANCE .<#b#a#h.> ) #a1 FRANCS CAPITAL1 :I* HE E>N$ 9 HIS FIR/ BANKRUPTCY2 HE E/ABLI%ES HIMSELF AS A M]*ANT 9 A T[N !IR CLI5TELE & !IR GOOD REPUTATION1 ,ISC>IOT IMM$IATELY BEG9S TO SELL HIS :]E HE HAS SIX RESPECT$ & ACCR$IT$ H\SES AS RIVALS4 ,9 ORD] TO TAKE AWAY W>ES AT CO/ PRICE1 A SURE WAY ( ATTRACT+ ! MULTITUDE4 ,SOON HIS RIVALS CLAMOR 9 A MO/ PITIFUL WAY AB\T HIM2 HE LAU<S AT !IR COMPLA9TS & CONT9UES ALL ! MORE TO SELL (F EV]Y?+ AT CO/ PRICE4 

,!REUPON ! PEOPLE %\T SO ?AT IT IS A PLEASURE TO HE> !M3 ,LONG LIVE COMPETITION1 LONG FIVE ! ,JEWS1 LONG LIVE PHILOSOPHY & FRAT]NITY ,ALL COMMODITIES HAVE BECOME *EAP] S9CE ,ISC>IOT'S >RIVAL1 & ! PUBLIC SAY TO HIS RIVALS3 ,Y\1 ,G5TLEM51 >E ! REAL ,JEWS1 Y\ WANT TO E>N TOO MU*2 ,ISC>IOT ALONE IS AN HONE/ MAN1 HE IS CONT5T ) A MOD]ATE PR(IT1 BECAUSE HE RUNS NO BRILLIANT H\SEHOLD AS Y\ DO4 -- ,VA9 >E ALL ! REPRES5TATIONS MADE BY ! OLD H\SES ?AT ,ISC>IOT IS A VILLA9 9 DISGUISE :O SOON] OR LAT] WILL COME TO GRIEF2 ! PUBLIC ACCUSE !M ( JEAL\SY & CALUMNY & CR[D MORE & MORE TO ! ,JEW4 

,! CALCULATION ?AT ?IS ?IEF MAKES IS AS FOLL[S3 ,BY SELL+ AT CO/ PRICE HE LOSES ONLY ! 9T]E/ ON HIS CAPITAL1 LET IT COME TO #a1 FRANCS ANNUALLY1 BUT 5SURES A GOOD \TLET = HIMSELF1 MAKES A NAME = HIMSELF 9 ! M>ITIME T[NS AS A GOOD CONSUM] & BY PROMPT PAYM5T GETS BIG CR$IT4 ,?IS TRICK IS PURSU$ = TWO YE>S1 AFT] :I* ,ISC>IOT HAS E>N$ NO?+1 ?\< HE HAS SOLD 5ORM\S QUANTITIES4 ,HIS MANEUV] REMA9S UNDETECT$1 BECAUSE ,JEWS HAVE ONLY ,JEWI% (FICE /AFF1 PEOPLE :O >E ! SECRET 5EMIES ( ALL NATIONS & WILL NEV] BETRAY A VILLA9Y ?\<T UP BY !IR '[N' PEOPLE4 

,:5 ALL IS RIPE = DEVELOPM5T1 ,ISC>IOT PUTS 9 HIS :OLE CR$IT1 PLACES GIANT ORD]S 9 ALL M>ITIME T[NS1 BUYS GOODS ON CR$IT = ! SUM ( #e-#f1 FRANCS4 ,HE S5DS HIS W>ES ABROAD & SELLS HIS :OLE /OCK DIRT *EAP4 ,:5 HE HAS EX*ANG$ EV]Y?+ = MONEY ! GOOD ,ISC>IOT VANI%ES ) HIS BRIEFCASE & RETURNS TO ,G]MANY1 :]E HE HAS DISPAT*$ ! GOODS HE B\<T ON CR$IT1 SELLS !M QUICKLY & IS F\R TIMES AS RI* :5 HE LEAVES ,FRANCE AS HE WAS ON HIS >RIVAL2 HE HAS #d1 FRANCS1 & HE GOES TO ,LONDON OR ,LE<ORN TO GET A ?IRD BANKRUPTCY UND] WAY4 

,N[ ! VEIL SUDD5LY FALLS & PEOPLE COME TO !IR S5SES 9 ! T[N :]E HE /RUCK HIS BL[4 ,PEOPLE REALIZE H[ DANG]\S IT IS TO P]MIT ,JEWS TO TRADE1 ?OSE VAGABONDS :O >E NOT TI$ TO ANY?+4 ,BUT ?IS BANKRUPTCY ( ,ISC>IOT IS ONLY ! FIR/ ACT ( ! F>CE2 LET US FOLL[ ! RUNN+ FIRE4 

,! ,JEW HAS SIX RIVALS2 WE %ALL CALL !M ,A1 ,B1 ,C1 ,D1 ,E1 ,F4 

,A HAD BE5 9 /RAITS = A LONG TIME1 HE HELD \T )\T CAPITAL1 ONLY BY VIRTUE ( HIS GOOD REPUTATION2 BUT ?R\< ! >RIVAL ( ! ,JEW HE IS ROBB$ ( ALL HIS CLI5TS1 HE C\LD PURSUE ! RACE ONLY = A YE>1 &1 NOT MATURE = !SE NEW PHILOSOPHICAL SY/EMS :I* PROTECT VAGABONDS1 HE F9DS HIMSELF COMPELL$ TO B[ D[N BE=E ,ISC>IOT'S TACTICS & TO DECL>E HIMSELF BANKRUPT4 

,B 5DUR$ ! BL[ LONG]2 HE ALREADY SAW ! ,JEW'S VILLA9Y FROM AF> & WAIT$ = ! /ORM TO PASS 9 ORD] TO W9 BACK HIS CLI5TELE :I* ! RASCAL ,ISC>IOT HAD TAK5 AWAY4 ,BUT MEAN:ILE HE IS 9VOLV$ 9 A BANKRUPTCY ABROAD2 ?AT U< TO ACCEL]ATE HIS FALL2 HE ?\<T HE C\LD HOLD \T = TWO YE>S BUT HE IS IS OBLIG$ TO GO BANKRUPT AFT] ONLY FIFTE5 MON?S4 

,C WAS ASSOCIAT$ ) A =EIGN H\SE :I* IS RU9$ BY ANO!R ,ISC>IOT -- = !Y >E TO BE F\ND 9 ALL T[NS2 ,C IS BR\<T D[N BY ! FALL ( HIS ASSOCIATE1 & AFT] MAK+ SACRIFICES = EI<TE5 MON?S TO HOLD \T AGA9/ ! COMPETITION FROM ! ,JEWI% BLACKGU>D1 HE F9DS HIMSELF =C$ TO GO BANKRUPT4 

,D SEEMS MORE HONE/ ?AN HE IS 9 REALITY4 ,HE /ILL HAS ! MEANS TO HOLD \T1 AL?\< HE HAS BE5 SUFF]+ FROM ! ,JEW'S COMPETITION = TW5TY MON?S2 BUT EMBITT]$ BY ! LOSSES :I* ! LATT] HAS CAUS$ HIM1 HE LETS HIMSELF BE C>RI$ AWAY BY ! VICE ( :I* HE SEES SO MANY EXAMPLES4 ,HE REALIWS ?AT ?REE ( HIS CONFRAT]NITY HAVE OP5$ UP ! M>* & ?AT HE WILL PASS AS A F\R? 9 ! ALLIANCE1 PRETEXT+ REAL OR FICTITI\S MIS=TUNES4 ,?US ,D1 WE>I$ BY TW5TY MON?S ( /RUGGLE AGA9/ ,ISC>IOT1 SEES ?AT !RE IS NO?+ CLEV]] = HIM ?AN TO GO BANKRUPT4 

,E HAD ADVANC$ CONSID]ABLE SUMS TO HIS F\R SUCCESSIVELY BANKRUPT COLLEAGUES2 HE ?\<T !Y W]E ALL SOLV5T1 & !Y W]E 9DE$1 UNTIL ,ISC>IOT'S MANEUV] SPOIL$ !IR BUS9ESS = !M4 ,E F9DS HIMSELF /RIPP$ BY ! BANKRUPTCIES ( !SE F\R H\SES2 BESIDES1 HE HIMSELF HAS NO MORE CLI5TS2 ! 5TIRE PUBLIC CR[D TO ,ISC>IOT1 :O SELLS (F GOODS AT CO/ PRICE4 ,E SEES HIS FUNDS ANNIHILAT$1 HIS CR$IT DE/ROY$1 HE IS PRESS$1 & AS HE CAN NO MORE MEET HIS COMMITM5TS1 HE PUTS AN 5D TO IT BY GO+ BANKRUPT4 

,F HAS SUFFICI5T MEANS1 BUT AS A RESULT ( ! FIVE PREVI\S BANKRUPTCIES1 :I* W>RANT ! CONCLUSION ?AT HIS WILL SOON FOLL[1 HE HAS LO/ HIS CR$IT 9 ALL ! M>ITIME T[NS4 ,MOREOV]1 SOME ( ! BANKRUPTS1 HAV+ A*IEV$ A COMPOSITION1 >E N[ SELL+ AT V]Y L[ PRICES TO HE ABLE TO AF=D !IR PAYM5TS :5 ! FIR/ T]MS EXPIRE4 ,9 ORD] TO ACCEL]ATE !IR SALES1 !Y LOSE ORIE-T5? ( ! VALUE & YET E>N F\R-T5?S1 BECAUSE !Y SETTL$ AT #e P] C5T4 ,?IS 5TIRELY CRU%ES ,F1 & !RE IS NO?+ LEFT = HIM BUT TO GO BANKRUPT LIKE HIS RIVALS4 

,SO ! E/ABLI%M5T ( ONE VAGABOND OR ONE ,JEW IS SUFFICI5T TO DISORGANIZE ! :OLE M]*ANT BODY ( A L>GE T[N & TO DRAW ! MO/ HONE/ PEOPLE 9TO CRIME2 = EV]Y BANKRUPTCY IS MORE OR LESS A CRIME1 NO MATT] H[ MU* IT IS EXT5UAT$ BY EXCELL5T PRETEXTS SU* AS ?OSE ) :I* ,I HAVE T9T$ !SE SIX BANKRUPTCIES1 & !RE IS H>DLY EV] A WORD ( TRU? 9 ANY ( !M4 ,! TRU? ( ! MATT] IS ?AT EV]YBODY AVIDLY SEIZES ! OPPORTUNITY TO COMMIT A !FT IF IT REMA9S UNPUNI%$4 

,OCCASIONALLY RUNN+ FIRE TAKES ! =M ( RICO*ET FIRE1 :I* IS EFFECTIVE AT A DI/ANCE & 9VOLVES A DOZ5 H\SES 9 DIFF]5T C\NTRIES SIMULTANE\SLY4 ,!Y HAVE COMMON 9T]E/S & ! FALL ( ! MA9 H\SE CAUSES ALL ! SUBSIDI>Y H\SES CONC]N$ TO CRA%1 LIKE A R[ ( T9 SOLDI]S :5 ! MAN AT ! 5D ( ! R[ IS PU%$4' ,?IS IS A S]I\S COMB9ATION1 WOR?Y ( FIGUR+ AMONG ! GREAT MANEUV]S1 & 9 ANY CASE ?IS RICO*ETT+ AT A DI/ANCE WILL HAVE TO =M A SPECIAL G5US 9 A MORE ACCURATE CLASSIFICATION4 

#a#i4 ,CLOSE-COLUMN BANKRUPTCY REQUIRES FAVORABLE CIRCUM/ANCES :I* S]VE AS EXCUSES1 & PROMPT MASSES ( M]*ANTS TO RISK ! FATEFUL LEAP4 ,9 ?IS CASE !Y F9D SUPPORT ONE 9 ! O!R & >E SAV$ BECAUSE ( !IR NUMB]1 LIKE A REGIM5T 9 CLOSE-COLUMN =MATION =CES A WAY = ITSELF ) BAYONETS4 ,?US1 :5 A FAVORABLE OPPORTUNITY PRES5TS ITSELF1 BANKRUPTS MU/ CLOSE !IR RANKS & PO/ UP A COLUMN ( BANKRUPTCIES EV]Y DAY AT ! ,/OCK ,EX*ANGE2 !Y MU/ HAVE !M SUCCE$+ ONE ANO!R SO QUICKLY ?AT PUBLIC OP9ION IS CONFUS$ & COMPOSITIONS BECOME EASY TO A*IEVE 9 CONSID]ATION ( ! DIFFICULT CIRCUM/ANCES4 ,!SE BANKRUPTCIES >E SE5 OCCURR+ P]IODICALLY 9 ,LONDON2 ,P>IS TOO MADE A V]Y BEAUTIFUL ATTEMPT 9 CLOSE COLUMN 9 #a#h1 & IT 5D$ V]Y HAPPILY = MANY 'FRI5DS ( TRADE'4 

#b4 ,M>*-9-FILE BANKRUPTCY IS A S]IES ( BANKRUPTCIES :I* >E L9K$ TOGE!R1 BUT BREAK \T AT SUITABLE 9T]VALS ( TWO TO ?REE MON?S4 ,CONTR>Y TO ! CLOSE COLUMNS1 :I* FOLL[ ONE ANO!R DAY AFT] DAY1 M>*+-9-FILE BANKRUPTCIES REQUIRE MUTUAL AGREEM5T SO ?AT ONE GOES BANKRUPT :5 ONE'S TURN COMES1 AT ! V]Y 9/ANT :5 ! PR$ECESSOR HAS SQU>$ HIS COMPOSITION4 ,= 9/ANCE1 ,A HAS A*IEV$ HIS COMPOSITION ?REE MON?S AFT] BANKRUPTCY & ,B MU/ 9/ANTANE\SLY DECL>E HIMSELF 9SOLV5T BECAUSE ! M$IATORS N[ F9D ! PUBLIC WELL DISPOS$ & CAN SAY3 IT IS ! SAME /ORY AS 9 ! CASE ( ,A1 ONE WAS B\ND TO LEAD TO ! O!R1 ! SAME COMPOSITION MU/ BE MADE4 ,JU/ ! SAME = ,C1 :O WILL GO BANKRUPT ?REE MON?S LAT]1 !N ,D1 ,E1 ,F1 & ,G2 IF !Y MA9TA9 !IR COOP]ATION PROP]LY & SUCCE$ 9 KEEP+ TO ! 9T]VAL1 !Y A*IEVE ! SAME COMPOSITION = ALL4 ,M>*+ 9 FILE IS A V]Y SAFE MANEUV] :5 IT IS CLEV]LY DIRECT$2 BUT IT DOES NOT FIT ALL CIRCUM/ANCES1 & ONLY ! G5IUS ( ! PROSPECTIVE BANKRUPT CAN DET]M9E 9 :I* CASES IT IS APPLICABLE4 

#b#a4 ,SKIRMI%] BANKRUPTCY 9VOLVES AT ! />T ?OSE />V+ WRET*ES :O 9ITIATE A GREAT MOVEM5T & H]E & !RE CAUSE SMALL BANKRUPTCIES 9 !IR RETAIL TRADE4 ,FROM ?IS ONE CONCLUDES ?AT BUS9ESS WILL BE DIFFICULT & ! CAMPAIGN A FI]CE ONE4 ,& 9DE$ SOON AFT] ?AT ! HEAVY >TILL]Y IS HE>D1 BANKRUPTCIES 9VOLV+ MILLIONS BREAK \T & HOLD PUBLIC ATT5TION = A LONG TIME4 ,!N ! MOVEM5T 5DS ) ! RE>GU>D SKIRMI%]S1 ! RETAIL] BANKRUPTS1 ! GROC]S 9 SMALL T[NS1 :O BR+ ! SESSION TO AN 5D ) !IR PLUNGES4 

,! ,AGITATORS 

,:AT6 ,IS !RE NOT YET 5\< VEXATION & CAN Y\ %[ US SOME?+ /ILL WORSE ?AN ! LITANY ALREADY DESCRIB$8 

,I HAVE ONLY NAM$ ! MO/ HONE/4 ,WE >E APPROA*+ ! DESC5D+1 DESPICABLE W+ & CAN PLACE H]E ! BANKRUPTS :O OP]ATE ACCORD+ TO F>-REA*+ PLANS BUT DISREG>D MORAL ME?ODS & COMPROMISE ! L(TY CORPORATION4 

#b#b4 ,BANKRUPTCY 9 GR& /YLE AFFECTS ALL CLASSES ( SOCIETY D[N TO ! SMALLE/ PEOPLE1 DOME/ICS & O!RS1 :O DEPOSIT !IR MODE/ SAV+S ) A HYPOCRITE4 ,SOON BANKRUPTCY PLUND]S L&[N]S1 ! SMALL] MIDDLE CLASS & ! GOODNATUR$ PEOPLE 9 !IR HUNDR$S4 ,AN 5TIRE T[N BECOMES 9VOLV$4 ,9 G5]AL ?IS TYPE ( BANKRUPTCY AFFECTS P>TICUL>LY ! NON-TRAD+ CLASSES ( SOCIETY & DOES SIGNIFICANT H>M TO ! CORPORATION BY >\S+ 9 ! PEOPLE & ! PETTY B\RGEOISIE REFLECTIONS :I* >E H>DLY FLATT]+ = ! RESPECTABLE CONFRAT]NITY ( ! M]*ANTS4 

#b#c4 ,L>GE-SCALE BANKRUPTCY IS ?AT ( SOME OBSCURE UP/>T :O1 )\T FUNDS OR BACK+1 SUCCE$S 9 BREAK+ 9TO BIG BUS9ESS & PULLS (F JU/ AS 5ORM\S A BANKRUPTCY AS ! HI< & MI<TY BANK]S4 ,IT IS G5]ALLY WOND]$ H[ ?IS CAMP-FOLL[] C\LD MANAGE TO /RIKE UP SU* ACQUA9TANCES & TO ORGANIZE SU* A FAT BANKRUPTCY4 

,?IS 9DIVIDUAL IS ! OPPOSITE ( ! PREC$+ ONE2 HE TAKES A DIFF]5T ROAD TO ATTA9 ! SAME GOAL1 NAMELY TO EXCITE PUBLIC OP9ION AGA9/ ! TRICKS ( ! M]*ANTS & ! PREPO/]\S LAWS :I* LEAVE ?IS SCUM COMPLETE FRE$OM4 

#b#d4 ,ATTILA BANKRUPTCY RAISES ! FAME ( ! BANKRUPTS TO ! CL\DS & LAYS A C\NTRY WA/E AS IF A :OLE >MY ( V&ALS HAD SWEPT ACROSS IT4 ,ONE CAN CITE 9 ?IS G5US A BRILLIANT BANKRUPTCY PULL$ (F 9 #aha 9 ,ORLEANS BY AN AMATEUR NAM$ ,T4 ,HE W5T BANKRUPT ) A DEFICIT ( #af MILLION SO EXCELL5TLY DI/RIBUT$ OV] ,ORLEANS ?AT ! :OLE UN=TUNATE T[N WAS LAID L[ BY IT4 ,ALL CLASSES ( CITIZ5S SUFF]$ FROM ! DEVA/ATION4 ,FUGITIVES W5T AS F> AS ,LYONS & SPREAD ! TID+S3 ,ORLEANS IS DE/ROY$1 WE >E ALL RU9$1 ,T4 IS PLUNG+ EV]Y?+ 9TO ! ABYSS4 

,ACCORD+ TO DETAIL$ REPORTS1 HE HAD C>RI$ \T HIS S*EME SO WELL ?AT HE HAD HOODW9K$ & PLUND]$ ALL CLASSES1 FROM RI* CAPITALI/S TO POOR DOME/ICS :O HAD SAV$ A FEW TAL]S 9 !IR :OLE LIFE & DEPOSIT$ !M ) ! M]CANTILE DEAL] & LET !MSELVES HE ROBB$ BY HIM -- UND] ! PROTECTION ( ! F9E PR9CIPLE3 ,LET ! M]*ANTS DO !IR JOB1 !Y KN[ BE/ :AT IS 9 !IR 9T]E/4 

,:AT ROBB]IES6 ,:AT MULTI=MITY ( CRIME 9 A S+LE BRAN* ( COMM]CIAL H]OISM6 ,A S+LE ONE1 = LET IT BE NOT$ ?AT BANKRUPTCY IS ONLY ! ?IRTY-FIR/ FEATURE ( ?IS LY+ TRADE = :I* SCI5CE DEM&S COMPLETE FRE$OM UND] ! PRETEXT ?AT ! M]*ANTS KN[ BE/ :AT IS 9 !IR 9T]E/-!Y KN[ ?AT 9DE$ ALL TOO WELL1 BUT !Y KN[ ONLY TOO LITTLE :AT IS 9 ! 9T]E/ ( ! /ATE & ( 9DU/RY1 & SO WE >E MY/IFI$ BY SCI5CE & ITS !ORIES ON ! ABSOLUTE FRE$OM ( M]*ANTS4 

,V,I4 

,DESC5D+ ,W+4-,DIRTY ,HUES 

,FROM ! DESCRIPTION ( GREAT FEATS ( H]OISM WE GO ON TO MORE MODE/ TROPHIES4 ,NOT EV]Y?+ IS GREAT 9 BANKRUPTCY LIKE ! ?REE CATEGORIES ( ! C5T]4 ,/ILL1 9 ! LEFT W+ TOO WE %ALL BR+ TOGE!R A REM>KABLE COLLECTION1 BANKRUPTS 9 S(T5$ %ADES1 PEOPLE :OSE MORE BUR<]LY VIRTUES & FAIL+S WILL DO GOOD TO ! EYE AFT] ! VIVID BRILLIANCE ( SO MANY H]OIC DE$S2 WE %ALL /ILL F9D COHORTS CAPABLE ( *E]+ ! READ] -- ESPECIALLY ! LA/1 ?AT ( ! FALSE BRO!RS1 :O BR+ ILL FAME 'ON ! CORPS ( BANKRUPTS4 -- ,LET US BEG9 ) A MORE S]I\S HUE4 

,! ,CUNN+ ,SNEAK]S 

#b#e4 ,COMP5SATION BANKRUPTCY IS DECL>$ TO OBTA9 COMP5SATION = SOME ACCID5T4 ,= 9/ANCE1 A SPECULATOR LOSES A LAWSUIT TODAY :I* CO/S HIM #a1 FRANCS4 ,SO TOMORR[ HE DECL>ES HIMSELF BANKRUPT1 & ?IS BR+S HIM #b14 ,?US HE W9S ! SUM 9 LITIGATION 9/EAD ( LOS+ IT4 ,?IS CAPACITY ( TRADE TO COMP5SATE ITSELF = ! DISFAVOR ( CIRCUM/ANCES IS ONE ( ITS F9E/ QUALITIES2 IT CAN F9D ITS 9T]E/ 9 EV]Y MI%AP .<ON L& & SEA.>4 ,IF A %IP[N] EXP]I5CES A %IPWRECK1 HE REHABILITATES HIMSELF ! NEXT DAY BY A GOOD BANKRUPTCY2 & ?IS TYPE ( BANKRUPTCY IS ACCEPT$ )\T ANY CONTRADICTION BECAUSE ! NOT>Y SAYS3 ',IT IS NOT HIS FAULT1 EV5TS =C$ HIM TO IT1 HE IS MORE TO BE PITI$ ?AN BLAM$4'  

,TO ?IS A L&[N] :OSE DEPOSIT ?US GOES WE/ WILL ANSW]3 ',I CANNOT GET COMP5SATION :5 HAIL OR A FLOOD RU9 MY CROPS1 ,I HAVE NOBODY TO FALL BACK ON46 -- ,A F9E >GUM5T6 ,%\LD NOT L&[N]S KN[ ?AT UND] ! PRES5T ORD] ( ?+S !Y >E A DEP5D5T CLASS1 DEP5D5T ON ! UNPRODUCTIVE PEOPLE CALL$ M]*ANTS :O DIG !IR CLAWS 9TO EV]Y PRODUCT ( 9DU/RY TO GET !MSELVES PAID AT ! EXP5SE ( ! MASSES LIKE A VOLUNTE] CORPS :I*1 = LACK ( AN 5EMY TO PLUND]1 /RIPS ITS [N FRI5DS ,& ! GOOD PEOPLE8 ,SU* IS ! M]*ANT1 A V]ITABLE COSSACK ( 9DU/RY :OSE MOTTO IS3 ',I DO NOT WORK P\R LA GLOIRE1 ,I MU/ HAVE SOME?+ TO RAKE 94' ,EV]Y M]*ANT WANTS TO RAKE 91 & IF SOMEBODY HOPES TO RAKE ANY?+ 9 FROM HIM BY A LAWSUIT OR O!RWISE1 ! M]*ANT HAS HIS RES\RCES AT H& & RAKES 9 FROM O!RS BY MEANS ( A COMP5SATION BANKRUPTCY4 

#b#f4 ,BANKRUPTCY \T ( RANK IS ?AT ( A WISE MAN :O HAS =ESE5 EV]Y?+ & PUT SOME?+ ASIDE ) :I* HE CAN FACE ! /ORM & TAME ! 9TRACTABLE4 IF HE WANTS TO E>N #b1 FRANCS BY BANKRUPTCY1 HE PUTS #c1 ASIDE1 PLAC+ A ?IRD ( IT 9 USEFUL H&-\TS1 PRES5TS1 ETC42 HE KN[S H[ TO QUIET5 ! MO/ L\D-M\!D1 H[ TO P>ALYZE JU/ICE2 A WAD H]E1 A WAD !RE1 & HIS CASE IS BRISKLY C>RI$ ?R\<4 ,HIS BANKRUPTCY BR+S HIM 9 ! 5D A GOOD NUMB] ( FRI5DS1 :O GET !IR PIECE ( ! CAKE & SAY ?AT HE IS A MAN COMMA IF FAUT :O KN[S BUS9ESS 9SIDE \T4 

#b#g4 ,CRESC5DO BANKRUPTCY PLAYS A F>CE 9 SEV]AL ACTS :I* 9CREASE 9 9T]E/ AS !Y DEVELOP4 ,TO />T )1 ! AFFAIR IS PRES5T$ AS A SLI<T EMB>RASSM5T1 A CASE ( %ORTAGE ( DISPOSABLE CAPITAL ) A DISC\NT ( #c P] C5T NECESS>Y TO PREV5T A CRA%4 'NE CR$ITORS BECOME WORRI$ & NEGOTIATE ON ! QUIET1 = !Y HAVE BE5 GIV5 TO UND]/& ?AT ?+S C\LD TAKE A BAD TURN & ?AT ! MAN 9 QUE/ION MU/ BE SUPPORT$4 ,MEAN:ILE1 9 ?REE MON?S HE IS TOTT]+ AGA94 ,AGA9 ! CR$ITORS >E VISIT$ & MADE TO FE> HIS RU92 IT IS ADMITT$ ?AT ?+S >E WORSE ?AN WAS ?\<T & ?AT #e P] C5T MU/ BE AGRE$ TO4 ,SOME ( ! CR$ITORS >E VEX$1 ! MATT] BECOMES 5TANGL$ & BANKRUPTCY IS DECL>$ -- & 9DE$ ON SU* T]MS ?AT #h-#i P] C5T IS LO/ 9/EAD ( #e P] C5T & ! RE/ CAN BE PAID UP ONLY AFT] SOME YE>S4 ,BUT ! COMPOSITION IS /ILL EASY TO BR+ AB\T BECAUSE ! CR$ITORS1 :O HAVE BE5 SKILLFULLY H&L$ & HAVE SUCCESSIVELY BECOME ACCU/OM$ TO A LOSS ( #c1 !N #e1 !N #g P] C5T1 >E WE>Y ( W>2 !Y SIGN & GIVE ! CURS$ BUS9ESS UP AS ALTOGE!R LO/1 AL?\< IT WAS SAID AT ! BEG9N+ ?AT ONLY #c P] C5T WAS GO+ TO BE LO/4 ,?IS ME?OD IS NOT ! WOR/ & CAN HE RECOMM5D$ TO SPECULATORS :O /ICK TO PR9CIPLES4 

#b#h4 ,GODLY BANKRUPTCY IS ?AT ( A HOLY MAN :O BELONGS TO ALL ! CONFRAT]NITIES & HOLDS ! CORDON ( ! CANOPY AT PROCESSIONS4 .<#b#a#i.> ,HE EASILY F9DS CR$IT & DEPOSITORS & CAN PREP>E A F>-REA*+ BANKRUPTCY UND]H&4 ,I HAVE SE5 SOME BANKRUPTCIES ( ?IS TYPE :5 ! LOSS WAS #i P] C5T4 ,! ADVANTAGE 9 SU* A CASE IS ?AT ! BANKRUPT F9DS 5\< PEOPLE :O EXCUSE HIM3 ',AH1 HE IS A V]Y PI\S MAN2 IF HE HAS HAD NO LUCK 9 BUS9ESS IT ,IS BECAUSE HE SETS NO /ORE BY ! GOODS ( ?IS WORLD4 -- ,?IS PIETY IS HELD UP 9 ORD] TO HA/5 ! COMPOSITION1 BY :I* ! PI\S APO/LE RETA9S A GOOD P>T ( ! GOODS ( ?IS WORLD1 TOGE!R ) ! PROSPECTS ( ?OSE ( ! O!R4 

,! ,BUNGL]S 

,9 EV]Y PR(ESSION ONE F9DS IGNORAMUSES :O WORK )\T ANY PR9CIPLES & CAN PRODUCE ONLY A BAD JOB ) ! BE/ MAT]IAL4 ,SO AMONG BANKRUPTS TOO !RE >E DUNCES :O CAN DO NO?+ ELSE BUT *ANGE GOLD 9TO COPP] & RU9 !MSELVES 9 A V]Y /UPID MANN] :]E O!RS W\LD DO SPL5DID BUS9ESS4 ,I WANT TO ADDUCE & DEAL BRIEFLY ) F\R G5]A1 = ?IS REALLY HONE/ CATEGORY HAS NO?+ 5T]TA9+4 ,I ONLY LET !M M>* PA/ = ! SAKE ( COMPLET5ESS ( \R ANALYSIS4 

#b#i4 ,FOOLS' BANKRUPTCY IS ?AT ( ?OSE BEFOOL$ PEOPLE :O1 5TIC$ BY FA%IONABLE CAT*WORDS1 V5TURE 9TO TRADE )\T KN[+ ITS TRICKS & NATURALLY SCOR* !IR W+S LIKE MO?S 9 ! C&LELI<T4 ,S9CE #a<i !RE HAVE BE5 MANY BIG PROP]TY-[N]S :O HAD NO NE$ :ATEV] TO GET 9VOLV$ 9 ?IS TURMOIL2 !Y HAVE BE5 SE5 TO LOSE A RI* H]ITAGE & 5D UP 9 BANKRUPTCY BY :I* !Y P>T$ )  !IR =TUNE & !IR HONOR4 ,IT MU/ BE NOT$ 9CID5TALLY ?AT ONLY ! HONE/ MAN LOSES HIS HONOR 9 BANKRUPTCY1 :]EAS ! RASCAL1 :O KN[S ! GREAT PR9CIPLES ( TRADE1 CAN MANAGE HIS BANKRUPTCIES 9 SU* A WAY ?AT HE ACQUIRES WEAL? & HONOR4 ,BUT ! GREAT G5TLEM5 :O F\ND !MSELVES 9 ?IS WASPS' NE/ ( TRADE WANT$ TO NEGOTIATE HONE/LY2 !Y W]E SURR\ND$ BY 9TRIGU]S1 PLAY$ ) LIKE A BALL & =C$ TO 5D UP ) ! BANKRUPTCY ( !IR ILLUSIONS4 ,MANY SMALL L&[N]S HAVE MADE ! SAME MI/AKE4 ,SWEPT ALONG BY ! M]CANTILE RACE1 !Y HAVE AB&ON$ !IR FIELD1 SOLD !IR SMALL PLOT ( L& TO SET UP A %OP 9 T[N & MEET !IR 9EVITABLE RU94 

#c4 ,9VALIDS' BANKRUPTCY IS ?AT ( AN 9CORRIGIBLE :O WANTS TO DIE ) >MS 9 H&4 ,ONE SEES MANY :O \<T TO RETIRE & :O1 WEAK5$ BY AGE1 CAN DO NO?+ BUT BUNGLE1 >E IGNORANT ( ! LATE/ A*IEVEM5TS & 9 !IR OLD AGE LOSE A SL[LY AMASS$ =TUNE & OB/9ATELY HOLD \T UNTIL REPEAT$ BLUND]S MAKE BANKRUPTCY 9EVITABLE4 ,H[ IS ONE TO DESCRIBE A MAN ( EI<TY :O IS A BA*ELOR & HAS A =TUNE ( TWO MILLION1 9DE$ SUFFICI5T = A S+LE & AG$ MAN1 & /ILL OB/9ATELY CONT9UES HUCK/]+ AT AN AGE :5 HE %\LD RETIRE & WEEP OV] HIS S9S8 ,:5 SU* A MAN GETS HIMSELF RU9$ & LOSES HIS BRILLIANT =TUNE 9 HIS EI<TIE? YE> HE IS TRULY A M]CANTILE FANATIC4 ,SU* A MAN WAS ! 9VALID BANKRUPT :O IS ! PROTOTYPE ( ?IS P>AGRAPH2 = ,I HAVE A PROTOTYPE TO %[ = ALL !SE SPECIES"9 SO ?AT ,I %ALL NOT BE ACCUS$ ( EXAGG]AT+4 ,9CID5TALLY1 MANY ( !SE AG$ FANATICS >E TO HE F\ND 9 EV]Y T[N2 BECAUSE !Y 9SI/ ON CONT9U+ !IR TRADE1 !Y DES]VE TO BE %AMEFULLY RU9$1 = TODAY1 :5 EV]Y?+ IS RAIS$ TO ITS QU9TESS5CE1 ! NE$1 9 TRADE AS 9 W>1 IS = Y\NG PEOPLE $UCAT$ 9 MOD]N TACTICS2 & IF BANKRUPTCY IS REG>D$ AS A H>MLESS GAME = Y\NG PEOPLE1 IT IS 9DE$ %AMEFUL = WEAL?Y OLD M5 :O %\LD HAVE ?\<T ( RETIR+ TW5TY YE>S AGO4 

#c#a4 ,CRU%+ BANKRUPTCY IS ?AT ( 5RAG$ COMPETITORS :O CONSCI\SLY RU% T[>DS RU9 & 9DE$ RU9 !MSELVES TO DISPUTE A SMALL %>E ( PR(IT FROM A RIVAL4 ,ONE SEES A GREAT NUMB] ( !SE :O WORK AT A LOSS 9 ! HOPE ?AT !IR RIVAL WILL BE RU9$ BE=E !Y >E1 & ?AT !Y !MSELVES W9 REMA9 MA/]S ( ! BATTLEFIELD4 ,?IS DISORD] IS PREVAL5T P>TICUL>LY 9 ! C>RY+ TRADE & 9 ! CLO? M>KETS SU* AS ,BEAUCAIRE.<#b#b.>1 & IT LEADS TO ! 'CRU%$' BE+ =C$ TO GO BANKRUPT4 

#c#b4 ,SW9I% BANKRUPTCY IS ?AT ( A GRE5HORN :O1 9/EAD ( OP]AT+ ACCORD+ TO ! PR9CIPLES1 RU9S HIMSELF1 HIS WIFE & *ILDR5 & MOREOV] EXPOSES HIMSELF TO ! TALONS ( JU/ICE & ! CONTEMPT ( ! 'FRI5DS ( TRADE'1 :O RESPECT ONLY FAT BANKRUPTS :O CON=M TO ! PR9CIPLES4 ,9 ! J>GON ( COMM]CIAL KNAVES !Y SAY ( A BANKRUPT :O ?US RU9S HIMSELF1 HIS WIFE & *ILDR53 ,?AT IS 9DE$ REALLY SW9I%4-,IF HE HAD HAD A FAT BANKRUPTCY1 !Y W\LD HAVE CALL$ HIM A SM>T Y\NG MAN1 A CLEV] BRA94 

,! ,FALSE ,BRO!RS 

,I GIVE ! NAME ( FALSE BRO!RS TO ?OSE :O EXPOSE ! HONORABLE CLAN ( ! BANKRUPTS TO ! CONTEMPT ( ! PUBLIC4 ,SOME ( !M PROVOKE 9DIGNATION1 O!RS LAU<T]4 ,I DO NOT 9CLUDE 9 ?IS CLASS ! TRANSC5D5TS1 :O /EAL BY ! MILLION -- !SE >E ALWAYS RESPECTABLE & NEV] COMPROMISE ! CLAN2 A GREAT ?IEF HAS NEV] BE5 CONTEMPTIBLE 9 CIVILIZATION1 :]EAS ! SMALL ONES >E ! PEOPLE TO BE HANG$1 & :5 !Y EXCITE PUBLIC OP9ION AGA9/ VILLA9S & SMALL BANKRUPTCIES !Y >E UNWOR?Y ( ADMISSION TO ! CORPORATION & DES]VE TO BE /YL$ AS FALSE BRO!RS4 

#c#c4 ,VILLA9S' BANKRUPTCY IS ?AT ( SMALL-SCALE BLACKGU>DS :O COMMIT SU* OBNOXI\S PETTY !FTS 9 !IR BANKRUPTCY ?AT ! NEI<BORHOOD SAYS !Y \<T TO BE HANG$4 ,?AT W\LD NOT BE ! CASE ) !FTS ( #a1 TAL]S2 BUT !FTS ( #a TAL]S0 SUGGE/ ! IDEA ( ! GALL[S4 9CID5TALLY !SE IDEAS >E NOT DANG]\S = ! KNAVE1 BECAUSE ! CONFRAT]NITY ( ! BANKRUPTSB NEV] ALL[S ITS COLLEAGUES TO HE MOLE/$2 O!RWISE JU/ICE W\LD SOON FEEL AU?ORIZ$ TO PASS ON FROM ! PETTY ?IEVES TO ! BIG ONES1 :I* W\LD BE V]Y AWKW>D = ?OSE :O ACT ACCORD+ TO GREAT PR9CIPLES & HAVE F\ND A PLACE 9 GOOD SOCIETY AFT] AN 'HONE/' BANKRUPTCY4 

#c#d4 ,GALL[S-BIRD BANKRUPTCY IS ?AT BY :I* BESIDES DIRTY TRICKS1 ! MAN CONC]N$ COMMITS ALSO LE>N$ ACTS ( P]FIDY1 = 9/ANCE1 ROBS HIMSELF TO PROVIDE AN OCCASION = S5TIM5TAL TACTICS4 

,SCAP91 A PETTY CROOK .<#b#b#a.> 9DULGES 9 A SC>AM\* BANKRUPTCY 9VOLV+ ONLY #d1 FRANCS2 HE /EALS #c1 FRANCS1 :I* CON/ITUTES ! PR(IT ON ! OP]ATION1 & !N (F]S ! CR$ITORS ! REMA9D]1 AM\NT+ TO #a1 FRANCS4 ,:5 HE IS ASK$ AB\T ! DEFICIT ( #c1 FRANCS1 HE SAYS ?AT HE DOES NOT KN[ BOOK-KEEP+ LIKE BIG M]*ANTS1 & ?AT HE HAS BE5 'UNLUCKY'4 ,P]HAPS Y\ BELIEVE ,SCAP9 WILL BE PUNI%$ BECAUSE HE IS A PETTY ?IEF :O /EALS ONLY #c1 FRANCS -- BUT DO NOT ! CR$ITORS KN[ ?AT IF JU/ICE 9T]V5ES IT WILL EAT UP ! REMA9+ #a1 FRANCS JU/ = BREAKFA/8 ,& EV5 :5 !SE #a1 FRANCS HAVE DISAPPE>$1 NO?+ WILL HE SETTL$2 IF !Y WANT TO HAVE ,SCAP9 HANG$1 IT WILL CO/ !M P]HAPS AN ADDITIONAL #a1 FRANCS & IT IS /ILL NOT KN[N :E!R !Y WILL SUCCE$4 ,IT IS !RE=E BETT] 9 ANY CASE TO ACCEPT ! MOD]ATE SUM ( #a1 FRANCS ?AN TO LOSE IT & /ILL HAVE TO PAY JU/ AS MU* OV] & ABOVE4 ,?R\< HIS NOT>Y ,SCAP9 PUTS =W>D ?IS >GUM5T1 SO ?AT ! BANKRUPT HIMSELF ?REAT5 HIS CR$ITORS ) JU/ICE4 ,& :Y %\LD ,SCAP9'S CR$ITORS HE FURI\S ) HIM8 ,SOME ( !M ?9K ( FOLL[+ HIS NOBLE EXAMPLE1 ! O!RS >E ALREADY AHEAD ( HIM 9 !IR C>E]4 ,SO1 AS WOLF DOES NOT EAT WOLF1 ,SCAP9 SOON F9DS A NUMB] ( SIGNATORIES :O DECL>E !MSELVES SATISFI$ ) HIS PROPOSALS2 O!RS SIGN = FE> ?AT JU/ICE MAY 9T]V5E2 O!RS AGA9 >E 9TRACTABLE & SPEAK ( SACRIFIC+ ALL TO HAVE A BLACKGU>D S5T TO ! GALLEYS4 ,!N ,SCAP9 S5DS !M HIS WIFE & *ILDR51 :O IMPLORE HIS M]CY ) WELL-PRACTIC$ WAIL+S1 & SO 9 A FEW DAYS ,SCAP9 & HIS NOT>Y RECEIVE ! MAJORITY ( SIGNATURES4 ,!REUPON ! OB/REP]\S1 :O >E NO LONG] NE$$1 >E MADE FUN (4 ,!IR RAGE IS LAU<$ AT4 ,SCAP9 ANSW]S !M ) +RATIAT+ WORDS & PR(\ND B[S1 & IMM$IATELY AFT] ! HAPPY ISSUE ( ! FIR/ BANKRUPTCY1 HE />TS TO ?9K ( A NEW ONE4 

#c#e4 ,FUGITIVE BANKRUPTCY IS CU/OM>Y AMONG SMALL T5ANTS 9 L>GE T[NS4 ,AS ! DATE ( PAYM5T APPROA*ES !Y BOLT & BR+ !IR WRET*$ MOVABLES TO SAFETY 1UND] COV] ( ! NI<T4' ,IT IS V]Y MU* 9 VOGUE AMONG ! SILK WEAV]S 9 ,LYONS2 IT IS ALSO RESORT$ TO BY ALL ELEGANT 9DIVIDUALS ( BO? SEXES :O ORD] ! V]Y BE/ ?+S AT RE/AURANTS1 ! TAILOR'S & ! %OE-MAK]'S1 & >E V]Y ACCOMMODAT+ AS F> AS ! PRICE GOES BECAUSE !Y 9T5D TO PAY ) F9E WORDS & TO BOLT AS SOON AS !IR CR$ITORS BEG9 TO GET UNPLEASANT4 

,?IS K9D ( BANKRUPTCY IS DROLL & %[S ! CORPORATION 9 A BAD LI<T4 ,:5 ONE SC(FS AT A MAN :O HAS *EAT$ TW5TY PETTY %OPKEEP]S1 ONE EASILY BECOMES ACCU/OM$ TO SC(F+ AT A MAN COMME IL FAUT :OSE BANKRUPTCY RU9S TW5TY FAMILIES4 ,!SE FRE$OMS ( CRITICISM MU/ BE SUPPRESS$ 9 ORD] NOT TO IMP]IL ! RESPECT DUE TO ! HONORABLE BANKRUPTS AMONG ! 'FRI5DS ( TRADE'4 

#c#f4 ,BANKRUPTCY = FUN IS ?AT ( A SMALL RETAIL] :O GOES BANKRUPT ACCORD+ TO ! V]Y BE/ =M JU/ LIKE ! HI< & MI<TY BANK]S & DOES NOT GIVE HIS CR$ITORS MORE ?AN FIVE P] C5T4 ,AMONG O!RS1 A ,LYONS ACTOR1 DI/+UI%$ = HIS COMICAL ROLES & !RE=E V]Y MU* LOV$ BY ! PUBLIC1 W5T BANKRUPT 9 ?IS WAY4 ,9 ALL DUE =M HE (F]$ HIS CR$ITORS ! SUM ( ?REE P] C5T4 ,SOME ( !M W]E VEX$ & WANT$ TO S5D ! BAILIFF TO HIM2 BUT HE MY/IFI$ JU/ICE AS HE MY/IFI$ IT ON ! /AGE 9 ! ,AVOCAT ,PATEL91 & ALL ! PUBLIC W]E ON HIS SIDE4 ,HIS BANKRUPTCY WAS A HI<LY AMUS+ COM$Y1 :I* AF=D$ MANY A PRICELESS SC5E4 ,! CR$ITORS C\LD SWE>1 ! PUBLIC ONLY LAU<$ AT !M AS !Y DID AT ,GUILLAUME 9 ! ,AVOCAT ,PATEL94 

,I HAVE N[ GONE RAPIDLY ?R\< ALL !SE DEF9ITIONS4 ,H[EV]1 MY LI/ IS SO 9COMPLETE ?AT IT CAN BE CONSID]$ AS A M]E \TL9E TO :I* EV]YBODY CAN SUPPLY ! MISS+ FEATURES4' ,!RE >E MASSES ( REM>KABLE ONES4 ,ONLY A FEW DAYS AGO ! ,P>IS PAP]S REPORT$ A BRILLIANT BANKRUPTCY1 ?AT ( A C]TA9 ,Y41 :O E/ABLI%$ A POMP\SLY PUBLICIZ$ AG5CY ) NO MORE ?AN #a1 FRANCS4 ,I BELIEVE IT WAS AN (FICE = ! REG5]ATION ( TRADE OR SOME O!R POMP\S TITLE1 BY MEANS ( ' :I* HE OBTA9$ A MILLION FROM A FEW JACKANAPES1 :OM HE PAID AS USUAL ) A GOOD BANKRUPTCY4 ,9 A WORD1 ! NUMB] ( BANKRUPTCY G5]A :I* ,I HAVE COLLECT$ H]E CAN EASILY BE D\BL$4 

,V,I,I4 

,CONCLUSION 

,:5 ONE REFLECTS ?AT BANKRUPTCY IS ONLY A S+LE ONE ( ! ?IRTY-SIX FEATURES ( TRADE1 ONE F9DS DIFFICULTY 9 EXPLA9+ :Y ?IS SO FE>FUL M9E ( CRIMES1 ?IS ME*ANISM ( TRADE1 HAS NOT YET BE5 ANALYZ$2 & ?AT 9 ?IS C5TURY1 :I* IS SO UNCOMPROMIS+ T[>DS ! CRIMES ( ALL CLASSES 9 SOCIETY & HAS MADE PUBLIC ! CRIMES ( K+S & POPES4 

,:5 ONE READS ?IS COLLECTION ( M]*ANTS' FIL?1 ONE CANNOT HELP WOND]+ H[ IT COMES ?AT A C5TURY :I* CALLS ITSELF ! FRI5D ( L(TY TRU? HAS BE5 ABLE 9 ALL S]I\SNESS TO GR[ 5?USIA/IC OV] ?IS LY+ TRADE1 >GU+ ?AT AFT] ALL ONE CANNOT DO )\T TRADE2 AS IF = ?AT REASON ONE MU/ ACCEPT FRAUD & !FT SU* AS ?OSE :I* WE HAVE LI/$ 9 ONE S+LE CRIME ( TRADE1 NAMELY BANKRUPTCY4 

,H[EV]1 LET US F9I% :AT WE HAVE TO SAY AB\T ?IS4 

,! SAY+ ?AT JU/ICE S5DS ONLY PETTY ?IEVES TO ! GALL[S IS PROV$ FALSE 9 TRADE4 ,! BANKRUPT1 EV5 ! SMALLE/1 EVADES PROSECUTION1 PROTECT$ BY ! M]*ANTS !MSELVES4 ,WE SAW ?AT UND] ! LA/ CATEGORY 7FALSE BRO!RS71 :I* IS ?AT ( M9IATURE BANKRUPTS4 

,IT W\LD BE VA9 TO QUOTE ! PUNI%M5T ( A FEW FRAUDUL5T BANKRUPTS2 N9ETY-N9E MANAGE TO GET AWAY ) IT1 & IF ! HUNDR$? FAILS HE MU/ BE A /UPID DEVIL & NOT KN[ H[ TO PURSUE HIS 9TRIGUE4 ,= ! OP]ATION IS SO SIMPLE N[ADAYS ?AT ! OLD PRECAUTION>Y MEASURES HAVE LONG AGO BE5 =GOTT54 ,=M]LY A BANKRUPT US$ TO FLEE TO ,TRI5T1 ,LIEGE OR ,C>\GE1 BUT S9CE ! REBIR? ( #a<i ?IS CU/OM HAS BE5 AB&ON$4 ,EV]YBODY N[ GOES BANKRUPT 5 FAMILLE4 ,! MATT] IS QUIETLY PREP>$1 & :5 IT EXPLODES1 ONE GOES = A MON? TO ! C\NTRY1 TO ! 9TIMACY ( ONE'S RELATIVES & FRI5DS2 ! NOT>Y MEAN:ILE PUTS EV]Y?+ 9 ORD]4 ,AFT] A FEW WEEKS ONE REAPPE>S1 & ! PUBLIC IS SO ACCU/OM$ TO ?IS K9D ( /ORY ?AT IT REG>DS IT AS A PLEASANT JOKE2 IT IS CALL$ 'BE+ CONF9$' & ONE SAYS QUITE DISPASSIONATELY3 ',SO-&-SO IS BACK1 HE HAS JU/ HAD HIS CONF9EM5T4' 

,I HAVE NOT$ ?AT BANKRUPTCY IS ! ONLY SOCIAL CRIME :I* BECOMES EPIDEMICAL & =CIBLY C>RIES ! HONE/ MAN ALONG ! ROAD ( ! SC\NDREL4 ,IF TO BANKRUPTCY WE ADD /OCKJOBB+ & SO MANY O!R 9FAMIES1 WE %ALL F9D ?AT ,I WAS RI<T :5 ,I AFFIRM$ ?AT CIVILIZ$ PEOPLE HAD NEV] COMMITT$ SO MANY POLITICAL FOLLIES AS S9CE !Y PLUNG$ 9TO TRADE4 ,NEV] HAVE ! PHILOSOPH]S1 :O DREAM ( NO?+ BUT C\NT]BALANCE & GU>ANTEES1 ?\<T ( PROVID+ ! SOCIAL BODY ) ! GU>ANTEE :I* GOV]NM5TS1 JUDICI\SLY 5\<1 DEM& ( !IR FISCAL AG5TS6 ,A PR9CE ASSURES HIMSELF ( ! RECTITUDE ( HIS TREASUR] BY MEANS ( A CA% SECURITY & ! PROSPECT ( 9EVITABLE PUNI%M5T IF HE W]E TO D>E RISK OR SQU&] ! PUBLIC MONIES DEPOSIT$ ) HIM4 ,:Y DOES IT NOT HAPP5 ?AT ! COLLECTORS ( PUBLIC MONIES APPROPRIATE ! REV5UES FROM TAXES & WRITE LETT]S ( LAM5TATION TO ! GOV]NM5T SAY+3 ,! MIS=TUNES ( ! TIMES1 ! CRITICAL CIRCUM/ANCES1 ! DEPLORABLE ACCID5TS1 ETC41 9 A WORD1 ,I HAVE GONE BANKRUPT1 9SOLV5T1 OR :ATEV] Y\ CALL IT4 ,Y\R TREASURY %\LD CONTA9 T5 MILLION2 ,I (F] Y\ HALF ( ?AT SUM1 FIVE MILLION1 PAYABLE 9 FIVE YE>S4 ,ALL[ Y\RSELF TO BE MOV$ BY ! MIS=TUNE ( A LAM5TABLE TREASUR]1 MA9TA9 ME 9 Y\R CONFID5CE & ! ADM9I/RATION ( Y\R TREASURY1 )\T :I* ,I AM NOT EV5 ABLE TO PAY Y\ ! HALF :I* ,I N[ (F] Y\2 BUT IF Y\ LEAVE ME MY POSITION & MY 9COME1 ,I %ALL 5DEAVOR TO DIS*>GE MY OBLIGATIONS T[>DS Y\ HONORABLY1 ?AT IS1 TO TREAT Y\ TO A SECOND BANKRUPTCY AS SOON AS ! TREASURY IS FULL AGA94 

,SU* 9 BRIEF IS ! CONT5T ( ALL BANKRUPTS' LETT]S4 ,IF TREASUR]S DO NOT FOLL[ ?IS EXAMPLE1 IT IS BECAUSE !Y KN[ ?AT NO PHILOSOPHICAL !ORY CAN SAVE !M FROM ! PUNI%M5T :I* ! BANKRUPT EVADES-UND] ! PROTECTION ( ! PR9CIPLE3 ',LEAVE ! M]*ANTS COMPLETE FRE$OM )\T DEM&+ ANY GU>ANTEE AGA9/ !IR MA*9ATIONS4' 

,FROM 3 ,M>XI/S4ORG4 

,*RONOLOGY 3 
,FEBRU>Y #a#i1 #bba 3 ,HI]>*Y ( ,BANKRUPTCY -- ,ADD$4 
,JANU>Y #g1 #bbb 3 ,HI]>*Y ( ,BANKRUPTCY -- ,UPDAT$4 

 FILE G5]AT$ FROM 3  
HTTP3_/_/REVOLTLIB4COM_/