Political Quotes

“this is a doozie of an amendment. Please listen to the debate on this amendment. Supporters of this bill have said over and over again that the bankruptcy code should not be used as a financial planning tool. Yet the very people who are sponsoring the bill have offered this amendment to let wealthy debtors continue to use the bankruptcy system as a financial planning tool that enables them to shelter millions of dollars from the creditors. This bill makes it tougher for people of limited means to escape their debts by using the bankruptcy system. Personal responsibility; that is what we all want. But what about the personal responsibility of people who have a lot of assets? If this amendment passes, wealthy individuals with expensive homes in one of the five States with an unlimited homestead exemption will be able to declare bankruptcy and enjoy a life of luxury at the expense of their creditors. So who are these people? People like the owner of a failed S&L who paid off only a fraction of the $300 million in bankruptcy claims while keeping his multimillion dollar ranch in Florida, or the convicted Wall Street financier who filed bankruptcy while owing some $50 million in debts and fines but still kept his $5 million Florida mansion complete with 11 bedrooms and 21 baths, or the physician with no malpractice insurance who has been named in 4 separate lawsuits. He filed for bankruptcy protection and kept a $500,000 home with a 100-foot swimming pool.…”