Monday, October 03, 2005

Bankruptcy Reform and special interests

Remember in the Spring of this year when the Reform legislation to the Bankruptcy Code was passed with much criticism because it was solely a product of the special interest that is the credit card industry? Well this article, that I missed at the time, speaks to other special interests involved.

It is interesting to note that Senator Chuck Schumer, D-NY, received $2.5 million in campaign contributions from lawyers in his last campaign. Ted Kennedy, D-MA, received the single largest campaign pot from lawyers (relative to all other groups) in his last campaign.

Curious? The new Bankruptcy laws made attorney's fees the number 2 priority, to family support obligations in the priority hierarchy. Formerly, lawyers got paid ahead of all other comers. Hmm. . . I wonder if any of those lawyers forking out cash to Democrats had an interest in voting against the legislation?