Political Quotes

“we have seen a bevy of cases in which corporate executives plunder their own business, work with insiders, and do dastardly things in their business world. We have seen them use every kind of device known to mankind to avoid their responsibilities to their debtors, to their employees, to the retirees, to their fellow insiders even. And so we have done great things in trying to curb that kind of practice. Yesterday, I introduced H.R. 5525, which takes another step down the road of protecting the employees and the retirees of a given company that might have corporate executives going down the wrong paths. My bill would simply state that if such a corporate executive should go bankrupt or a business like that go bankrupt, that retirees under that corporate structure will be protected with respect to their retirement so that the bankruptcy would not absolve the retirees benefits that would accrue to them if the corporation kept alive. And so protecting retirees is one of the aspects of our bankruptcy reform bill for corporate executives.”