Tuesday, January 31, 2012

More on the Moral vrs Legal obligations

Look at this report here:
 
 
This is the piece that's interesting to me:
 
"....There's a moral component to that decision, of course. ...... But remember that companies default on their obligations when it makes financial sense for them to do so, via the bankruptcy process. Even the Mortgage Bankers Association itself, in a flourish of irony, arranged for a short sale of its Washington headquarters. It's not personal; it's business. So think of strategic default as a business decision, and do a cold-eyed cost-benefit analysis of whether it makes sense for you...."
 
 
I see businesses making these "it's not personal it's business" decisions everyday, why shouldn't I be Iowesomuch Inc and do the same and forego my moral obligations and stay only with my legal obligations?
 
I hope to hear from you about this.
 
 

5 comments:

La Gringa said...

I didn't read the article but yes, businesses look at financial decisions and if that leaves creditors, stockholders, and employees out of luck, so be it.

But is there a bankrupcty law in Honduras? I thought that you were making a lot of progress on your debt? In the US, a lot of people get into trouble with credit cards (even without the onerous interest rate that banks have in Honduras), but I think that most people are more likely to get a second job (or put their wife to work!) before doing something drastic like that. I know that you already have a second job, so what's the option?

I'm not sure what the policy is for the centro de riesgos is here in Honduras, but in the US, bankruptcy follows you for a long, long time. Can't get credit or a loan, can't buy a house, sometimes even can't get a job, and I don't know what else as I've never done it. Do you know what the ramifications of that would be in Honduras?

I've always prided myself on my financial record but probably nobody cares but me. I have to laugh when people here tell me that I can't get a credit card because I don't have a job -- meanwhile they are out giving credit cards to students and anyone who breathes.

Anonymous said...

We miss your updates!

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