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Bankruptcy

Oct. 2, 2009

Anna Nicole Smith Was No Jimmy Stewart

Lawrence McQuillan of the Pacific Research Institute says forum shopping and lawsuit abuse has made a game out of the bankruptcy system.

BANKRUPTCY

By Lawrence McQuillan

In Frank Capra's classic 1946 movie, It's a Wonderful Life, the straight-arrow president of a struggling small-town building and loan company played by Jimmy Stewart realizes his bumbling Uncle Billy has lost $8,000 of the company's cash on Christmas Eve afternoon, just as a bank examiner is arriving for an audit. "Do you realize what this means?" shouts a panicked Stewart. "It means bankruptcy and scandal and pr...

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