Eastman Kodak (PINK:EKDKQ) surprised few by declaring bankruptcy last week. And just a few months earlier AMR Corp. (PINK:AAMRQ), the parent of American Airlines, was the last of the “legacy carriers” to suffer bankruptcy reorganization, and the boneheaded antics of John Corzine and other ne’er-do-wells sunk one of the largest financial firms on Wall Street and drove MF Global to bankruptcy.
But how do these failures stack up in the pantheon of corporate failures? Well MF Global’s demise is the most dramatic of the group, with a total price tag north of $40 billion … but unfortunately, that’s not big enough to make the list.
Here’s a look at the seven largest corporate bankruptcies in history — so far, anyway — and a brief rundown of the causes. As should be no surprise, financial firms are well represented on this list: