February 07, 2004

It's back !! The bankruptcy "reform" act was recently attached to legislation concerning debt relief for farmers, and is, unbelievably, even worse than the legislation killed in committee last year. Among the new provisions: a "reform" that would permit investment bankers to be employed in bankruptcies involving companies for which they worked. Neat trick, that; you sell securities on behalf of a company that tanks, then you get to decide whether holders of those securities get paid by the bankruptcy court. Ch-ching !!!

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