He said 51 companies defaulted on a total debt of nearly $12 billion last year.
But the boom ended abruptly last year after several companies defaulted on their paper, some of which was held by money market funds.
As of June 2012, the company is under significant financial stress and has defaulted on its loan payments.
Last month, the company defaulted on $30 million in loans and notes.
Investors worried that, as the economy deteriorated, more companies would default on their loans.
So long as the printing presses were working, such companies could not default.
As a result, the men were unable to collect the insurance and the company defaulted on its loans.
In January, 1912, the company defaulted on their bonds to the municipalities.
In 1991, when the country was in a recession, 65 companies defaulted on $19.8 billion of debt.
The company has defaulted on its payments once again, and is expected to declare bankruptcy.