Standing on principle
Even as Congress mulls over a titanic debt-fueled corporate bailout, it’s good to know that some legislators know where to draw the line and demand fidelity to old-fashioned principles of capitalism:
Senate Majority Leader Harry Reid (D-Nev.) reiterated Tuesday afternoon the importance of giving bankruptcy judges greater flexibility [to adjust mortgage rates of bankrupt homeowners]. He noted that judges can readjust mortgage terms if a borrower facing bankruptcy owns multiple homes.
Republicans say they are willing to curb executive compensation but remain inflexible on greater power for bankruptcy judges. One Republican familiar with the talks said the proposal would undermine the sanctity of financial contracts…
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