Writing a new bankruptcy law
For a time last week, the 230 U.S. bankruptcy judges authorized by law were out of work. But a prolonged crisis was narrowly averted when the unemployed judges were hired back as consultants to district court judges, which enabled them to give advice on legal matters as well as retain their $66,100-a-year salaries. The imbroglio was the latest episode in a two-year-long melodrama that had, in the words of one former judge, threatened to make the bankruptcy courts "the laughingstock of this nation." The confusion finally ended last week when Congress passed legislation that sets up a...
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