What a shame


Of course he filed for bankruptcy! This is the guy who funded the Swift Boat Veterans attack on John Kerry. Karma’s a bitch, huh?

Oct. 20 (Bloomberg) — Sam Wyly, the U.S. businessman who may have to forfeit as much as $400 million after being found liable for using offshore trusts to hide stock holdings and make illegal trades, filed for bankruptcy.

Wyly, blaming “massive costs” from a U.S. Securities and Exchange Commission probe and litigation, yesterday listed assets and debt ranging from $100 million to $500 million each in a Chapter 11 petition in U.S. Bankruptcy Court in Dallas, where he lives.

The SEC, which sued Wyly in 2010, is Wyly’s second-biggest creditor, with a “disputed” claim of $198.1 million, according to the court papers. Wyly listed the Internal Revenue Service as his biggest creditor, saying the size of that debt, also disputed, is unknown.

Other debts include a $20,000 grant commitment to the Third Church of Christ, Scientist in Dallas and $383.20 in membership dues for the Dallas Country Club, Wyly said in his filing.

3 thoughts on “What a shame

  1. Why do we allow people to become multi-millionaires in the United States? Don’t say because it’s a free country. We all know that that’s just a phoney platitude. 98% of the multi-millionaires and billionaires in the US are crooks, creeps, liars, and scum. As a civilized society isn’t it our responsibility to minimize the number of law breakers roaming free in the land? Then why do we give permission for the rich to act in an aberrant and unlawful way? “We the people” have every right and duty to make clear when enough is enough by law. The tax code will do nicely in this matter.

  2. His bribes to politicians and non-stop lying earned him the right to declare bankruptcy. Those regular folks with crushing credit card or student debt don’t have that option. And of course, he doesn’t need that lesson in responsibility that underwater homeowner’s were harangued with over and over.

  3. And the person who led the re-writing of the bankruptcy laws to benefit his home state financial institutions.

    Why that would be Joe Biden.


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