Re: business failure and personal liability
"In the business media, one often finds feel-good stories about entrepreneurs who finally make it after a series of failed business ventures. Do you think these people then pay back all of the jilted creditors from their previous enterprises?"
These people were not investors or creditors. They were people with funds on deposit. Funds on deposit should not be touched. It was his choice to do this, and thus he should be liable for his own idiocy. He took in deposits knowing that he couldn't pay people, and straight out stole their money towards the end.
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