
FTX has now officially joined the ranks of dramatic financial bankruptcies — including Lehman Brothers and MF Global — in which customers actually get paid back in full. Why it matters: Such outcomes are more common than you might think, largely because financial bankruptcies are a unique animal where the ultimate losses borne by creditors are rarely a good guide to the magnitude of the damage caused. How it works: Financial companies tend to have large balance sheets, filled with assets that can often be hard to value or sell....