The Financial Crisis (4)

Frank Borman was an Astronaut who commanded the Apollo 8 mission that orbited the moon in December 1968.

After his retirement in 1970, he was employed by Eastern Airlines, and subsequently served as Chairman and Chief Executive Officer from 1975 to 1986. After Eastern was sold to investor Frank Lorenzo in 1986, the airline subsequently filed for bankruptcy protection and was liquidated in 1991.

Mr. Borman knew what he was talking about when he said:

"Capitalism without bankruptcy is like Christianity without hell."

Those who are constructing new schemes to regulate Wall Street, as well those who make their livings there, would do well to remember Mr. Borman's simple insight.