Political Quotes

“this is an amendment that attempts to close a big loophole that may get huge. This is an amendment that deals with the problem that was identified in this Business Week article having to do with MCI-WorldCom now coming out of bankruptcy. When you are coming out of bankruptcy, your debts are taken off but they are offset. By the way, you aren't taxed on the forgiveness of that debt but you offset that tax forgiveness, if you will, against attributes like net operating losses. MCI has figured out a way to restructure coming out of bankruptcy so they can cheat these operating losses and will probably not pay taxes for the next 10 years. This is a huge loophole. You have the biggest stock scandal in history. MCI comes out of bankruptcy, and they are setting a new accounting standard which is as scandalous as the first one. This is something we need to deal with. I will not force a vote because I know this is a new thing and we have not had a hearing. But this is major problem that we need to address because other companies are going to take this loophole and run with it.”