Bankruptcy bill set to pay off big for creditors and corporations

[babylonsister]

http://www.smirkingchimp.com/thread/9218

Bankruptcy bill set to pay off big for creditors and corporations
by Weldon Berger | Aug 7 2007


The bankruptcy bill passed by Congress and signed by president Bush in 2005 makes seeking protection from creditors tougher for people who aren't corporations. Apparently it also makes seeking protection from people easier for corporations (via Eschaton).

Bear Stearns Cos.' decision to liquidate two bankrupt hedge funds in the Cayman Islands instead of New York may limit creditors' and investors' ability to get their money back.

While most of their assets are in New York, the funds filed for bankruptcy protection July 31 in a court in the Caymans, where they are incorporated. The bank also used a 2005 bankruptcy law to ask a U.S. judge in Manhattan to block all lawsuits against the funds and protect their U.S. assets during the Caymans proceedings.

How convenient. The assets are here, Bear Stearns is here, but the mailing address is in the Caymans. Sorry, foolish investor people: all your monies are belonging to us.

Raise your hand if you think the loophole in the 2005 law is just a happy coincidence.

The obvious lesson here is that ordinary people need to incorporate themselves in the Caymans. And there's an obvious niche for anyone who can come up with a simple, step-by-step manual showing individuals how to take advantage of loopholes purchased by corporations through tens of millions of dollars in campaign contributions and lobbying payments.

This message brought to you by Weldon Berger, a Cayman Islands Corporation.

Just for fun, we checked to see how the Democratic presidential candidates voted on the bill (link is to Senate vote). Neither New Mexico governor Bill Richardson nor former Alaska senator Mike Gravel seem to have taken a position on the legislation; John Edwards was gone from the Senate by the time the bill came up in 2005, but spoke out against it.

For:
Joe Biden

Against:
Chris Dodd
Barack Obama
Dennis Kucinich

Not Voting:
Hillary Clinton

more...

http://www.smirkingchimp.com/thread/9218

[The Straight Story]

1. Kick for this

And thanks for posting it. I was just thinking about this today.

[truedelphi]

2. Okay why did not Hillary vote?? Where was her proxy??

As a Senator she can have a proxy. A proxy.

I am sure that that is not that hard to set up.

And had it been *her* economic interests at stake (say the signing of a book deal with a multi-million dollar advance), she'd have most certainly arranged a proxy for that!

[karynnj]

7. Hillary voted to filibuster this - but we couldn't get 41 votes to stop it

The day of the actual vote where we would have needed 51 to stop it - Hillary did not vote because her husband was in the hospital for follow-up heart surgery. Hillary could have cast a useles vote that would have changed nothing or been with her husband.

I have never been confused with being a Hillary supporter, but this is unfair.

There was a similar bill in 2001, that both Hillary and Edwards voted for - that Kennedy, Wellstone, Kerry, Dodd, etc voted against.

[truedelphi]

10. Liek I said, if it had been her economic interests at heart, she'd ahve made a phone call and

Mustered up the proxy!

It is why she is supposedly a gutsy and determined leader.

Every woman on this board has been a mother and has had to multi-task.

Some of us have had the type of situation at work where we had to multi-task at times when we would have LOVED the luxury of forgetting about responsibilities outside of our family.

So my question is now: How would she make a good President if Bill is prone to needing heart surgery.

maybe she won't be there for America if he needs a second operation.

[dsc]

15. With all due respect people don't vote in the Senate by proxy

you are either there, or you aren't. That is why Proxmire's record of votes was so impressive. If you demand a link for this I will provide it. But the way the Senate works is not only public record but something any reasonably educated person ought to know.

[truedelphi]

24. If voting by proxy is not allowed, why does C Span label some votes as proxies??

[dsc]

29. you are likely thinking of offsetting votes

That is where one Senator who intends to vote yes sits out since one who is voting no can't vote. But then they both don't vote.

[karynnj]

18. If her vote were critical - it might have been an issue

Then she would have had to make a choice. Remember that the Republicans controlled the Senate and they could really play games with timing votes. (They did that a few times in 2004 - when Kerry and Edwards came in for votes taht were re-scheduled.)

Bill Clinton has had heart surgery exactly twice. A president also has more flexibility and control than a Senator - especially one in the minority party. Should we eliminate Edwards too - his wife has had cancer treatments more often.

[Zodiak]

11. It's true

I can never be accused of being a Hillary supporter, either, but Bill was in the hospital getting heart surgery at the time.

I remember scoring her "NV" on my Senator scores and thought it unusual for such an important bill.

She has a pass on this one.

[alstephenson]

14. Thanks for the info. I had forgotten Bill was in the hospital and

you're right, her vote wouldn't have mattered one way or the other. Thanks for putting things in their proper perspective.

[marmar]

3. We have been sold up the river without a paddle or a life vest......

Our system is so corrupted with corporate money, that I'm wondering if it wouldn't be better to tear it down and recreate a Parliamentary system. Or at least one with publicly financed campaigns and a government-limited campaign season, ala Western Europe.

[Booster]

19. Yep, as I always say "we're up the river in a chicken-wire canoe.

[Nutmegger]

4. Cloture roll call:

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=1&vote=00029

Also, House roll call vote: http://clerk.house.gov/evs/2005/roll105.xml

[alstephenson]

5. In fairness to Joe Biden, his "constituents" include most of the credit card companies

Almost all are incorporated in Delaware. My guess is that Hillary did not want to go on record one way or the other, which is a cop out.

[durrrty libby]

8. I think that was when President Clinton was in the hospital for heart surgery

So your guess is probably nowhere near correct, but go right ahead and continue to spread

crap like so many others at the DU.

[alstephenson]

13. Uh, I said "my guess", so the only crap I'm spreading is

stated as being my opinion. My observation did turn out to be incorrect. The previous posters have pointed out that Bill was in the hospital, so now I know "like so many others at DU", why Hillary missed this important vote. So now that I have better information (thanks, DU!:loveya:), I have a different opinion. I thought this was a forum to share opinions and information, not to judge others for their opinions, even if they are "crap". EXCUSE ME!!!!

[durrrty libby]

16. Sorry, I don't buy it. When it comes to making presumptions or guesses

concerning Hillary, they are always on the side of negativity. So pardon my skepticism

[alstephenson]

17. Whatever.

Actually I like Hillary - alot. I'd like to like her even more, but I do disagree with her on some points (mostly related to the Iraq occupation), so I'm still deciding which D candidate to support.

[liberalnurse]

23. Right ON!

You niped that one! :smoke:

[ToeBot]

26. What I don't understand is why his proponents think this somehow absolves him.

If he was running for reelection in Delaware, fine. But on the national level it serves to render him unfit for the office of US President. Sorry but I absolutely will never vote for him; there is not even the slightest chance in any of the nine hells.

[Jack Bone]

6. K&R

:kick:

[hootinholler]

9. Biden led the fucking charge!

So to speak.

-Hoot

[liberalnurse]

22. I remember the vote.

Just think for a minute...Delaware is the "home state" of credit cards corporations and processing etc....He had to represent his constituents. I understand his vote....I don't support it mind you...but I understand it.

[hootinholler]

28. Those corporations are NOT his 'constituents'!

No corporation is a constituent! Alas, they are treated as such.

-Hoot

[The Backlash Cometh]

12. It's like vultures feeding on the carnage that they created.

[VP505]

20. There have been many

bills that send me into a rage but few do it like the bankruptcy bill. That legislation was and is just plain hateful, there is NO justification to put banks and credit card companies that far above people, IMO.

[killbotfactory]

21. Good Golly! Who could possibly see this coming?!

[AzDar]

25. Loathsome, ugly, unnecessary legislation. Timed just perfectly for all the

mortgage failures, I'm sure..:grr:

[tbyg52]

27. So, we little people have to get credit counseling

and the big corps simply skip away. Yep, business as usual.

So, how does one go about incorporating in the Caymans? I bet there'd be a big market for a do-it-yourself kit.