1974 - United States v. Nixon
This decision established that executive privilege is neither absolute nor unqualified.
Situation: President Richard Nixon's taped conversations from 1971 onward were the object of subpoenas by both the special prosecutor and those under indictment in the Watergate scandal. The president claimed immunity from subpoena under executive privilege.
The Court decided against Nixon 8-0.
Historical significance:
The president is not above the law. After the Court ruled on July 24, 1974, Richard Nixon resigned
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In finance and economics, liquidation is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations as and when they come due. The company's operations are brought to an end, and its assets are divvied up among creditors and shareholders, according to the priority of their claims.
