Bankruptcy in the United States
In the United States, bankruptcy is governed by federal law. The United States Constitution authorizes Congress to enact uniform Laws on the subject of Bankruptcies throughout the United States, the Code has been amended several times since, with the most significant recent changes enacted in 2005 through the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Some law relevant to bankruptcy is found in parts of the United States Code. For example, bankruptcy crimes are found in Title 18 of the United States Code, tax implications of bankruptcy are found in Title 26 of the United States Code, and the creation and jurisdiction of bankruptcy courts are found in Title 28 of the United States Code. While bankruptcy cases are filed in United States Bankruptcy Court, and federal law governs procedure in bankruptcy cases, for example, law governing the validity of liens or rules protecting certain property from creditors, may derive from state law or federal law. Because state law plays a role in many bankruptcy cases.
Before 1898, there were several short-lived federal bankruptcy laws in the U. S. The first was the act of 1800 which was repealed in 1803 and followed by the act of 1841, which was repealed in 1843, and the act of 1867, which was amended in 1874 and repealed in 1878. The first modern Bankruptcy Act in America, sometimes called the Nelson Act, was entered into force in 1898. The current Bankruptcy Code was enacted in 1978 by §101 of the Bankruptcy Reform Act of 1978, the current Code completely replaced the former Bankruptcy Act, the Chandler Act of 1938. The Chandler Act gave unprecedented authority to the Securities and Exchange Commission in the administration of bankruptcy filings, the current Code has been amended numerous times since 1978. See the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, entities seeking relief under the Bankruptcy Code may file a petition for relief under a number of different chapters of the Code, depending on circumstances. Title 11 contains nine chapters, six of which provide for the filing of a petition, the other three chapters provide rules governing bankruptcy cases in general. A case is referred to by the chapter under which the petition is filed.
Liquidation under a Chapter 7 filing is the most common form of bankruptcy, liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. A Chapter 9 bankruptcy is available only to municipalities, Chapter 9 is a form of reorganization, not liquidation. Notable examples of municipal bankruptcies include that of Orange County, consumers usually file chapter 7 or chapter 13. Chapter 11 filings by individuals are allowed, but are rare, Chapter 12 is similar to Chapter 13 but is available only to family farmers and family fisherman in certain situations
For conceptual models of social well-being, see Social welfare function. Welfare is the provision of a level of well-being and social support for citizens without current means to support basic needs. The welfare state expands on this concept to include such as universal healthcare. In the Roman Empire, the first emperor Augustus provided the Cura Annonae or grain dole for citizens who could not afford to buy food every month, Social welfare was enlarged by the Emperor Trajan. Trajans program brought acclaim from many, including Pliny the Younger, the Song dynasty government supported multiple programs which could be classified as social welfare, including the establishment of retirement homes, public clinics, and paupers graveyards. According to economist Robert Henry Nelson, The medieval Roman Catholic Church operated a far-reaching, early welfare programs in Europe included the English Poor Law of 1601, which gave parishes the responsibility for providing welfare payments to the poor. This system was modified by the 19th-century Poor Law Amendment Act.
It was predominantly in the late 19th and early 20th centuries that a system of state welfare provision was introduced in many countries. Otto von Bismarck, Chancellor of Germany, introduced one of the first welfare systems for the working classes, in Great Britain the Liberal government of Henry Campbell-Bannerman and David Lloyd George introduced the National Insurance system in 1911, a system expanded by Clement Attlee. The United States inherited Englands poor house laws and has had a form of welfare since before it won its independence. Modern welfare states include Germany, the Netherlands, as well as the Nordic countries, such as Iceland, Norway, esping-Andersen classified the most developed welfare state systems into three categories, Social Democratic and Liberal. In the Islamic world, one of the Five Pillars of Islam, has collected by the government since the time of the Rashidun caliph Umar in the 7th century. The taxes were used to provide income for the needy, including the poor, orphans, according to the Islamic jurist Al-Ghazali, the government was expected to store up food supplies in every region in case a disaster or famine occurred.
Welfare can take a variety of forms, such as payments and vouchers. A persons eligibility for welfare may be constrained by means testing or other conditions, Welfare is provided by governments or their agencies, by private organizations, or a combination of both. Funding for welfare usually comes from government revenue, but when dealing with charities or NGOs. Some countries run conditional cash transfer welfare programs where payment is conditional on behaviour of the recipients, the 1890s economic depression and the rise of the trade unions and the Labor parties during this period led to a movement for welfare reform. In 1900, the states of New South Wales and Victoria enacted legislation introducing non-contributory pensions for those aged 65, a national invalid disability pension was started in 1910, and a national maternity allowance was introduced in 1912
Universal health care
Universal health care is not one-size-fits-all and does not imply coverage for all people for everything. Universal health care can be determined by three dimensions, who is covered, what services are covered, and how much of the cost is covered. It is described by the World Health Organization as a situation where citizens can access health services without incurring financial hardship, U. N. member states have agreed to work toward universal health coverage by 2030. The first move towards a health insurance system was launched in Germany in 1883. Other countries soon began to follow suit, in the United Kingdom, the National Insurance Act 1911 provided coverage for primary care for wage earners, covering about one third of the population. The Russian Empire established a system in 1912, and other industrialized countries began following suit. By the 1930s, similar systems existed in all of Western. Japan introduced a health insurance law in 1927, expanding further upon it in 1935 and 1940. Following the Russian Revolution of 1917, the Soviet Union established a fully public, however, it was not a truly universal system at that point, as rural residents were not covered.
In New Zealand, a health care system was created in a series of steps. In Australia, the state of Queensland introduced a public hospital system in the 1940s. Following World War II, universal health care began to be set up around the world. On July 5,1948, the United Kingdom launched its universal National Health Service, Universal health care was next introduced in the Nordic countries of Sweden, Norway and Finland. Universal health insurance was introduced in Japan, and in Canada through stages, starting with the province of Saskatchewan in 1962. The Soviet Union extended universal health care to its residents in 1969. Italy introduced its Servizio Sanitario Nazionale in 1978, Universal health insurance was implemented in Australia beginning with the Medibank system in 1975, which led to universal coverage under the Medicare system, established in 1984. From the 1970s to the 2000s, Southern and Western European countries began introducing universal coverage, in addition, universal health coverage was introduced in some Asian countries, including South Korea, Taiwan and Thailand.
Following the collapse of the Soviet Union, Russia retained and reformed its universal health system, as did other former Soviet nations
Supplemental Nutrition Assistance Program
The Supplemental Nutrition Assistance Program, formerly known as the Food Stamp Program, provides food-purchasing assistance for low- and no-income people living in the U. S. SNAP benefits cost $70.9 billion in fiscal year 2016, beneficiaries and costs increased sharply with the Great Recession, peaked in 2013 and have declined through 2016 as the economy recovered. It is the largest nutrition program of the fifteen administered by FNS and is a component of the federal social safety net for low-income Americans. The amount of SNAP benefits received by a household depends on the size, income. Because of their 1,1 value ratio with actual currency and their rectangular shape resembled a U. S. dollar bill, including intaglio printing on high-quality paper with watermarks. EBT has been implemented in all states since June 2004, each month, SNAP food stamp benefits are directly deposited into the households EBT card account. Households may use EBT to pay for food at supermarkets, convenience stores, the idea for the first FSP has been credited to various people, most notably U. S.
Secretary of Agriculture Henry Wallace and the programs first administrator, Milo Perkins. Of the program, Perkins said, We got a picture of a gorge, with farm surpluses on one cliff and we set out to find a practical way to build a bridge across that chasm. Orange stamps could be used to buy any food, blue stamps could be used only to buy food determined by the Department to be surplus. Over the course of four years, the first FSP reached approximately 20 million people at one time or another in nearly half of the counties in the U. S. at a total cost of $262 million. At its peak, the program assisted 4 million people simultaneously, the program ended when the conditions that brought the program into being ceased to exist. The eighteen years between the end of the first FSP and the inception of the next were filled with studies, Senators actively associated with attempts to enact a food stamp program during this period included George Aiken, Robert M. La Follette, Jr. Hubert Humphrey, Estes Kefauver, Representative Leonor Sullivan strove to pass food-stamp-program legislation.
On September 21,1959, P. L. 86-341 authorized the Secretary of Agriculture to operate a system through January 31,1962. The Eisenhower Administration never used the authority, the pilot programs would retain the requirement that the food stamps be purchased, but eliminated the concept of special stamps for surplus foods. A Department spokesman indicated the emphasis would be on increasing the consumption of perishables, Representative Leonor K. Sullivan of Missouri asserted. The Food Stamp Act of 1964 appropriated $75 million to 350,000 individuals in 40 counties, the measure drew overwhelming support from House Democrats,90 percent from urban areas,96 percent from the suburbs, and 87 percent from rural areas. Republican lawmakers opposed the measure, only 12 percent of urban Republicans,11 percent from the suburbs
The Great Depression was a severe worldwide economic depression that took place during the 1930s. The timing of the Great Depression varied across nations, in most countries it started in 1929 and it was the longest and most widespread depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the economy can decline. The depression originated in the United States, after a fall in stock prices that began around September 4,1929. Between 1929 and 1932, worldwide GDP fell by an estimated 15%, by comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s, however, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. The Great Depression had devastating effects in both rich and poor. Personal income, tax revenue and prices dropped, while international trade plunged by more than 50%, unemployment in the U. S. rose to 25% and in some countries rose as high as 33%.
Cities all around the world were hit hard, especially dependent on heavy industry. Construction was virtually halted in many countries, farming communities and rural areas suffered as crop prices fell by about 60%. Facing plummeting demand with few sources of jobs, areas dependent on primary sector industries such as mining and logging suffered the most. Even after the Wall Street Crash of 1929 optimism persisted for some time, john D. Rockefeller said These are days when many are discouraged. In the 93 years of my life, depressions have come, prosperity has always returned and will again. The stock market turned upward in early 1930, returning to early 1929 levels by April and this was still almost 30% below the peak of September 1929. Together and business spent more in the first half of 1930 than in the period of the previous year. On the other hand, many of whom had suffered losses in the stock market the previous year. In addition, beginning in the mid-1930s, a severe drought ravaged the agricultural heartland of the U. S, by mid-1930, interest rates had dropped to low levels, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment were depressed.
By May 1930, automobile sales had declined to below the levels of 1928, prices in general began to decline, although wages held steady in 1930
Social Security (United States)
In the United States, Social Security is the commonly used term for the federal Old-Age and Disability Insurance program. Social Security is funded primarily through taxes called Federal Insurance Contributions Act tax or Self Employed Contributions Act Tax. With a few exceptions, all salaried income, up to an amount specifically determined by law, is subject to the Social Security payroll tax, all income over said amount is not taxed. In 2017, the amount of taxable earnings was $127,200. With few exceptions, all legal residents working in the United States now have an individual Social Security number. Indeed, nearly all working residents since Social Securitys 1935 inception have had a Social Security number because it is required to do a range of things, e. g. paying the IRS. In 2015, Social Security expenditures totaled $750.5 billion for OASDI, Social Security Timeline 1935 The 37-page Social Security Act signed August 14 by President Franklin D. Roosevelt. Landmark U. S. Supreme Court ruling that gave Congress the power to amend, the Court ruled that recipients have no contractual right to receive payments.
1961 Early retirement age lowered to age 62 at reduced benefits 1965 Medicare health care benefits added to Social security—20 million joined in three years 1966 Medicare tax of 0, the Earnings limit doubled exemption amount for retired Social Security beneficiaries. The Act was an attempt to limit unforeseen and unprepared for dangers in the life, including old age, poverty, unemployment. Opponents, decried the proposal as socialism, in a Senate Finance Committee hearing, Senator Thomas Gore asked Secretary of Labor Frances Perkins, Isnt this socialism. She said that it was not, but he continued, Isnt this a bit of socialism. By 1950, debates moved away from which occupational groups should be included to get enough taxpayers to fund Social Security to how to provide more benefits, changes in Social Security have reflected a balance between promoting equality and efforts to provide adequate and affordable protection for low wage workers. These retirement benefits are a form of insurance that is heavily biased toward lower paid workers to make sure they do not have to retire in relative poverty.
The OASI accounts plus trust funds are the only Social Security funding source that brings in more than it sends out, Social Security revenues exceeded expenditures, between 1983 and 2009. The disability insurance taxes of 1. 4% are included in the OASDI rate of 6. 2% for workers and employers or 12. 4% for the self-employed, the additional retirees expected under the baby boom bulge will hasten this trust fund depletion. Medicare expenses, tied to medical costs growth rates, have traditionally increased much faster than GDP growth rates, for workers the Social Security tax rate is 6. 2% on income under $127,200 through the end of 2017. The worker Medicare tax rate is 1. 45% of all income—employers pay another 1. 45%, employers pay 6. 2% up to the wage ceiling and the Medicare tax of 1.45 percent on all income
Ministry of Justice (United Kingdom)
The Ministry of Justice is a ministerial department of the UK Government headed by the Secretary of State for Justice and Lord Chancellor. The department is responsible for areas of constitutional policy not transferred in 2010 to the Deputy Prime Minister, human rights law. The ministry was formed in May 2007 when some functions of the Home Secretary were combined with the Department for Constitutional Affairs, the latter had replaced the Lord Chancellors Department in 2003. Its stated priorities are to reduce re-offending and protect the public, to access to justice, to increase confidence in the justice system. Responsibility for devolution was transferred to the position of Deputy Prime Minister. The Deputy Prime Minister and Secretary of State for Justice have joint responsibility for a commission on a British bill of rights, the vast majority of the Ministry of Justices work takes place in England and Wales. The ministry has no responsibility for devolved criminal justice policy, the ministry is therefore responsible for all aspects of the criminal law, including the scope and content of criminal offences.
The prison population in England and Wales has risen because politicians of both parties wanted to show they were tough on criminals and this led to overcrowding and increase in other problems like violence, self-harm and suicide. The Ministry of Justice is the department that facilitates communication between the Crown dependencies i. e. Jersey and the Isle of Man, and the UK Government. These are self-governing possessions of the British monarch, through her titles as Duke of Normandy in the Channel Islands and it processes legislation for Royal Assent passed by the insular legislative assemblies and consults with the Islands on extending UK legislation to them. It ensures that relevant UK legislation is extended to the islands smoothly, the Ministry has outlined its aims for the 2011–15 Parliament in its structural reform plan, which commits the department to,1. Develop court reforms to improve the resolution of disputes, maximise efficiency and improve services and work with others to make delivery of justice more effective.
Assure better law Assure that law-making is transparent and accountable, safeguarding civil liberties, Reform how the ministry delivers its services Reform the way the Ministry of Justice works. Reassess its ways of working to develop more efficient shared services, match its provision ever more closely to demand, reduce duplication, the departmental board has overall responsibility for delivery of the structural reform plan. It publishes progress against the plan on the 10 Downing Street website, official website Ministry of Justice resources for legal professionals Ministry of Justice organogram from data. gov. uk
William Henry Beveridge, 1st Baron Beveridge KCB was a British economist, noted progressive and social reformer. He is best known for his 1942 report Social Insurance and Allied Services which served as the basis for the post-World War II welfare state put in place by the Labour government elected in 1945. He was Director of the London School of Economics and Political Science from 1919 until 1937, when he was elected Master of University College, Oxford. Beveridge, the eldest son of Henry Beveridge, an Indian Civil Service officer and District Judge and his mother was a member of the Stourbridge Unitarian community who, along with another Unitarian, Elisabeth Malleson, had founded the Working Womens College in Londons Queen Square in 1864. She met and married Henry Beveridge in Calcutta where she had gone in 1873 to open a school for native Indian girls, after leaving university, Beveridge initially became a lawyer. He became interested in the services and wrote about the subject for the Morning Post newspaper.
His interest in the causes of unemployment began in 1903 when he worked at Toynbee Hall, churchill invited Beveridge to join the Board of Trade, and he organised the implementation of the national system of labour exchanges and National Insurance to combat unemployment and poverty. During the First World War he was involved in mobilising and controlling manpower, after the war, he was knighted and made permanent secretary to the Ministry of Food. In 1919 he left the service to become director of the London School of Economics. Over the next few years he served on commissions and committees on social policy. He published academic economic works including his work on unemployment. The Fabians made him a director of the LSE in 1919, during his time as Director, he jousted with Edwin Cannan and Lionel Robbins, who were trying to steer the LSE away from its Fabian roots. In 1933 he helped set up the Academic Assistance Council and this helped prominent academics who had been dismissed from their posts on grounds of race, religion or political position to escape Nazi persecution.
In 1937, Beveridge was appointed Master of University College, three years later, Ernest Bevin, Minister of Labour in the wartime National government, invited Beveridge to take charge of the Welfare department of his Ministry. Beveridge refused, but declared an interest in organising British manpower in wartime, Bevin was reluctant to let Beveridge have his way but did commission him to work on a relatively unimportant manpower survey from June 1940 and so Beveridge became a temporary civil servant. Neither Bevin nor the Permanent Secretary of the Ministry Sir Thomas Phillips liked working with Beveridge as both found him conceited, Beveridge, at first uninterested and seeing the committee as a distraction from his work on manpower, accepted only reluctantly. The Report to the Parliament on Social Insurance and Allied Services was published in 1942 and it proposed that all people of working age should pay a weekly national insurance contribution. In return, benefits would be paid to people who were sick, Beveridge argued that this system would provide a minimum standard of living below which no one should be allowed to fall
Magistrates' court (England and Wales)
In England and Wales, a magistrates court is a lower court, where almost all criminal proceedings start. Some civil matters are decided here, notably family proceedings and they have been streamlined to deliver justice swiftly. In 2015 there were roughly 330 magistrates courts in England and Wales, the jurisdiction of magistrates courts and rules governing them are set out in the Magistrates Courts Act 1980. Summary offences are crimes, that can be punished under the magistrates courts limited sentencing powers – community sentences, fines. Either-way offences will ultimately fall into one of the previous categories depending on how serious the crime in question is. Cases are heard by a bench of three lay judges, or by a district judge, there is no jury at a magistrates court. Criminal cases are usually, although not exclusively, investigated by the police, defendants may hire a solicitor or barrister to represent them, often paid for by legal aid. There are magistrates courts in other common-law jurisdictions, in criminal matters, magistrates’ courts in England and Wales have been organized to deal with minor offences in a speedy manner.
All criminal cases start here and over 95 percent of them will end here too – only the most serious ones go to Crown Court, summary offences are the least serious criminal offences. They include driving offences, criminal damage of small extent, low level violent offences and being drunk and disorderly. This kind of small criminality will be dealt with in summary proceedings at a court. Both verdict and sentence are solely in the hands of judges and magistrates, the sentencing powers of magistrates courts are therefore limited. For one summary offence, they can inflict imprisonment of up to six months, when dealing with two or more separate either-way offences, the maximum total custodial sentence is 12 months. The maximum fine available is usually £5,000, though for certain specified offences maximum fines permitted to magistrates may be higher, there is no maximum aggregate fine. Some driving offences are punished by licence points and/or disqualification from driving for a period of time.
There are four types of available to the magistrates - a discharge, a financial penalty, a community order. The majority of sentences will be non-custodial sentences, for either way offences, if the magistrates feel that their powers of sentencing are insufficient, they can send the case up to a judge at the Crown Court, who can impose more severe sentences. Often the point is to achieve justice and reformation of the offenders
Forty-eight of the fifty states and the federal district are contiguous and located in North America between Canada and Mexico. The state of Alaska is in the northwest corner of North America, bordered by Canada to the east, the state of Hawaii is an archipelago in the mid-Pacific Ocean. The U. S. territories are scattered about the Pacific Ocean, the geography and wildlife of the country are extremely diverse. At 3.8 million square miles and with over 324 million people, the United States is the worlds third- or fourth-largest country by area, third-largest by land area. It is one of the worlds most ethnically diverse and multicultural nations, paleo-Indians migrated from Asia to the North American mainland at least 15,000 years ago. European colonization began in the 16th century, the United States emerged from 13 British colonies along the East Coast. Numerous disputes between Great Britain and the following the Seven Years War led to the American Revolution. On July 4,1776, during the course of the American Revolutionary War, the war ended in 1783 with recognition of the independence of the United States by Great Britain, representing the first successful war of independence against a European power.
The current constitution was adopted in 1788, after the Articles of Confederation, the first ten amendments, collectively named the Bill of Rights, were ratified in 1791 and designed to guarantee many fundamental civil liberties. During the second half of the 19th century, the American Civil War led to the end of slavery in the country. By the end of century, the United States extended into the Pacific Ocean. The Spanish–American War and World War I confirmed the status as a global military power. The end of the Cold War and the dissolution of the Soviet Union in 1991 left the United States as the sole superpower. The U. S. is a member of the United Nations, World Bank, International Monetary Fund, Organization of American States. The United States is a developed country, with the worlds largest economy by nominal GDP. It ranks highly in several measures of performance, including average wage, human development, per capita GDP. While the U. S. economy is considered post-industrial, characterized by the dominance of services and knowledge economy, the United States is a prominent political and cultural force internationally, and a leader in scientific research and technological innovations.
In 1507, the German cartographer Martin Waldseemüller produced a map on which he named the lands of the Western Hemisphere America after the Italian explorer and cartographer Amerigo Vespucci
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, the United Kingdom includes the island of Great Britain, Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state—the Republic of Ireland. The Irish Sea lies between Great Britain and Ireland, with an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world and the 11th-largest in Europe. It is the 21st-most populous country, with an estimated 65.1 million inhabitants, this makes it the fourth-most densely populated country in the European Union. The United Kingdom is a monarchy with a parliamentary system of governance. The monarch is Queen Elizabeth II, who has reigned since 6 February 1952, other major urban areas in the United Kingdom include the regions of Birmingham, Glasgow and Manchester.
The United Kingdom consists of four countries—England, Wales, the last three have devolved administrations, each with varying powers, based in their capitals, Edinburgh and Belfast, respectively. The relationships among the countries of the UK have changed over time, Wales was annexed by the Kingdom of England under the Laws in Wales Acts 1535 and 1542. A treaty between England and Scotland resulted in 1707 in a unified Kingdom of Great Britain, which merged in 1801 with the Kingdom of Ireland to form the United Kingdom of Great Britain and Ireland. Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain, there are fourteen British Overseas Territories. These are the remnants of the British Empire which, at its height in the 1920s, British influence can be observed in the language and legal systems of many of its former colonies. The United Kingdom is a country and has the worlds fifth-largest economy by nominal GDP. The UK is considered to have an economy and is categorised as very high in the Human Development Index.
It was the worlds first industrialised country and the worlds foremost power during the 19th, the UK remains a great power with considerable economic, military and political influence internationally. It is a nuclear weapons state and its military expenditure ranks fourth or fifth in the world. The UK has been a permanent member of the United Nations Security Council since its first session in 1946 and it has been a leading member state of the EU and its predecessor, the European Economic Community, since 1973. However, on 23 June 2016, a referendum on the UKs membership of the EU resulted in a decision to leave. The Acts of Union 1800 united the Kingdom of Great Britain, Scotland and Northern Ireland have devolved self-government
Henry Ross Perot is an American billionaire entrepreneur and former candidate for the US presidency. In 1962, Perot founded Electronic Data Systems, a company he sold twenty years for $2.4 billion and he went on to set up Perot Systems in 1988. An independent presidential candidate in 1992, he received 18. 9% of the popular vote, in 1996, he was the Reform Party presidential nominee and received 8. 4% of the popular vote. Perot was born in Texarkana, the son of Lula May Perot and Gabriel Ross Perot and his patrilineal line traces back to an immigrant to Louisiana, in the 1740s. He attended a school called Patty Hill. He graduated from Texas High School in Texarkana in 1947, one of Perots boyhood friends was Hayes McClerkin, Speaker of the Arkansas House of Representatives and a prominent Texarkana, lawyer. Perot joined the Boy Scouts of America and made Eagle Scout in 1942 and he is a recipient of the Distinguished Eagle Scout Award. From 1947 to 1949, he attended Texarkana Junior College, entered the U. S.
Naval Academy in 1949, Perot said his appointment notice to the academy—sent by telegram—was sent by W. Lee Pappy ODaniel, Texass 34th governor and former senator. Perot married Margot Birmingham of Greensburg, Pennsylvania, in 1956, after he left the Navy in 1957, Perot became a salesman for IBM. He quickly became a top employee and tried to pitch his ideas to supervisors and he left IBM in 1962 to found Electronic Data Systems in Dallas and courted large corporations for his data processing services. Perot was refused 77 times before he was given his first contract, EDS received lucrative contracts from the U. S. government in the 1960s, computerizing Medicare records. EDS went public in 1968 and the price rose from $16 a share to $160 within days. Fortune called Perot the fastest, richest Texan in a 1968 cover story, in 1984 General Motors bought controlling interest in EDS for $2.4 billion. In 1974, Perot gained some attention for being the biggest individual loser ever on the New York Stock Exchange when his EDS shares dropped $450 million in value in a single day in April 1970.
Just prior to the 1979 Iranian Revolution, the government of Iran imprisoned two EDS employees in a contract dispute, Perot organized and sponsored their rescue. The rescue team was led by retired U. S. Army Special Forces Colonel Arthur D, the two prisoners connected with the rescue team, and the team spirited them out of Iran via a risky border crossing into Turkey. The exploit was recounted in a book, On Wings of Eagles by Ken Follett, in the 1986 miniseries, Perot was portrayed by Richard Crenna. In 1984, Perot bought an early copy of Magna Carta