7 of 10
BACKNEXT
Conseco
 Conseco
Rank: 7
Date of bankruptcy filing: 12/17/02
Assets: $61 billion


After years of poor executive leadership, the insurance and finance company accrued massive debt of more than $8 billion and was forced to file for bankruptcy in December 2002. It reorganized and reduced debt to $1.4 billion, emerging in less than a year after selling its finance business. Conseco now sells life insurance and supplemental health insurance to more than 4 million customers.

Because of a number of flaws in the settlement system, Conseco's restructuring resulted in an overhaul of the credit default swap market. Recently, Treasury Secretary Timothy Geithner has called for further regulation, saying that over-the-counter derivatives should be traded on exchanges and that dealers be subject to federal oversight.

NEXT: Chrysler
Last updated November 01 2009: 5:24 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries