Nathan Goralnik

---

Bankruptcy-Proof Finance and the Supply of Liquidity

122 Yale L.J. 460 (2012). The 2008 financial crisis has prompted widespread criticism of the bankruptcy safe harbors for repurchase agreements (repos) and derivatives, which allow a failed firm’s counterparties to enforce these contracts outside of the bankruptcy process. The emerging consensus holds that these provisions facilitated a run on the assets of troubled institutions such as Lehman Brothers, and...