Wyoming: The Governor Goes Broke

The Governor Goes Broke

A prominent name has joined the ever growing list of beleaguered American farmers and ranchers: Governor Ed Herschler of Wyoming filed for bankruptcy this month, becoming the first sitting Governor in his state to do so. His trouble stems from the 18,500-acre Yellowstone Ranch near Lander, Wyo., which Herschler and three partners bought in 1977 for an estimated $4.5 million to $5 million. After the partners were unable to collect a $1.5 million payment for 3,000 head of cattle they sold in 1981, they were forced to borrow at high interest rates to make debt payments. Meanwhile, beef prices and land...

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