Copyrighted Image? DMCA | "At least six American presidents were unable to pay their debts at some point in their careers; and likely would have had to file bankruptcy under today's laws. During most of the 19th century, there were no bankruptcy laws in the young republic, though there was legislation governing insolvency and the collection of debts. It's not as if these presidents were deadbeats. They weren't even bad businessmen, necessarily. Presidents in the 19th century not only got less compensation -- they were responsible for paying for their own travel, diplomatic entertaining and the salaries of their staffs, all on $25,000 a year. That's the equivalent of about $366,250 in today's dollars.
Sitting presidents have never been paid well." |
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At www.bankrate.com
At www.bankrate.com
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