|
|
"A comprehensive, collaborative elections resource."
|
Exclusive: Bankruptcy of [Chet] Edwards challenger Bill Flores' business cost taxpayers $7.5 million
|
|---|
| Parent(s) |
Candidate
|
| Contributor | DFWDem |
| Last Edited | DFWDem Oct 08, 2010 02:31pm |
| Logged |
0
|
| Category | General |
| Author | Dave Michaels |
| Media | Newspaper - Dallas Morning News |
| News Date | Friday, October 8, 2010 08:00:00 PM UTC0:0 |
| Description | WASHINGTON — The Republican challenger who has assailed Rep. Chet Edwards for supporting taxpayer bailouts once led his company through a bankruptcy that let it avoid a $7.5 million debt to the U.S. government.
Although Bill Flores, a retired Bryan energy executive, has said all creditors were fully repaid with interest, court records show otherwise. The 1992 bankruptcy allowed Marine Rig 200 Inc. to repay just $3 million of $10.5 million owed to the U.S. Maritime Administration, which held the mortgage on a drilling rig the company owned.
To some independent analysts, the deal suggests a double standard in political terms.
"What it shows is the hypocrisy of his argument with respect to the bailout," said Sean M. Theriault, a government professor at the University of Texas at Austin who studies Congress. "His company probably really did need the help when they got the help, and as a consequence it became prosperous.
"That is precisely what happened with the bailout," he said, adding that Flores' message to voters seems to conflict with "the truth and the facts" of the bankruptcy case. |
| Share |
|
|
2¢
|
|
| Article | Read Full Article |
|
| Date |
Category |
Headline |
Article |
Contributor |
|
|
