False reports that Paul Krugman has filed for bankruptcy spread across the Internet on Monday morning.Here's the original story from The Daily Currant:
The rumor came from the satirical news site The Daily Currant, which said that the Nobel Prize-winning economist had accrued over $7 million in debt. The fake story was picked up by Austria's Format online magazine, which then reported as true by Boston.com and Breitbart.com.
"Things really went downhill for the star economist," Boston.com wrote. Breitbart's article has since been taken down.
Their stories repeated the Currant's version of events, which had Krugman racking up bills on his American Express black card at Tiffany's, and buying rare Portuguese wines and 19th century English cloth. - Huffington Post, 3/11/13
Economist and columnist Paul Krugman declared personal bankruptcy today following a failed attempt to spend his way out of debt.I figured you all could use a good laugh since it's Monday.
In a Chapter 13 filing to the United States Bankruptcy Court in the Southern District of New York, lawyers for Krugman listed $7,346,000 in debts versus $33,000 in assets.
The majority of his debts are related to mortgage financing on a $8.7 million apartment in lower Manhattan, but the list also includes $621,537 in credit card debt and $33,642 in store financing at famed jeweler Tiffanys and Co.
The filing says that Krugman got into credit card trouble in 2004 after racking up $84,000 in a single month on his American Express black card in pursuit of rare Portuguese wines and 19th century English cloth
Rather than tighten his belt and pay the sums back, the pseudo-Keynesian economist decided to "stimulate" his way to a personal recovery by investing in expenses he hoped would one day boost his income. - The Daily Currant, 3/6/13