Anthony Weiner: “Of the forest of things that is wrong with the bankruptcy bill, and I voted against it, this is actually a provision…”

“Of the forest of things that is wrong with the bankruptcy bill, and I voted against it, this is actually a provision that represents a tree that actually makes some sense. So my colleagues understand this provision, it says that when an entity enters into bankruptcy no investment house that has been involved in underwriting on any level at any time in the history of that company could be involved in the reorganization. So the following not-so-hypothetical could happen: Ford Motor Company goes into a bankruptcy proceeding and Goldman Sachs, who happened to be involved in their IPO 50 years ago and has had no investment and no underwriting since, is precluded from doing it. So who winds up benefiting from this provision? One company that is not an American company that happens not to do any underwriting. We have been all year on this side of the aisle, more than all year, for the last several years, fighting against efforts by the Republicans to take away discretion from judges. This is a provision that says we are going to let the bankruptcy judge decide whether a party is disinterested, conflicted or not.”