Krugman on bankruptcy bill; where are the D Senators?
by ajsnow
Tue Mar 08, 2005 at 07:34:41 AM PDT
I was aware (see prev diary entry) that most bankruptcies aren't of the abusive sort the lending industry has scapegoated, but the failure of this amendment to close the loophole at the other end of the spectrum is pretty scandalous:
One increasingly popular loophole is the creation of an "asset protection trust," which is worth doing only for the wealthy. Senator Charles Schumer introduced an amendment that would have limited the exemption on such trusts, but apparently it's O.K. to game the system if you're rich: 54 Republicans and 2 Democrats voted against the Schumer amendment.
Some political points below the fold.
- ajsnow's diary :: ::
