Contact: John
Hartgen
(703) 739-0800
face='Times New Roman'>jhartgen@abiworld.org
SPECIAL
BANKRUPTCY COURT NOT NEEDED TO DEAL WITH “TOO BIG TO FAIL”
BANKS, ACCORDING TO OVERWHELMING MAJORITY OF ABI QUICK POLL
RESPONDENTS
February 23, 2010,
Alexandria, Va. — Seventy-six percent of ABI Quick Poll
respondents do not think that a special bankruptcy court is needed to
deal with “too big to fail” banks. Sixty-two percent of
respondents “strongly disagreed” and 14 percent
“somewhat disagreed.”
The proposal for a special
bankruptcy court for “too big to fail” banks is under
consideration by Sens. Mark Warner (D-Va.) and Bob Corker (R-Tenn.) as
part of the financial regulatory overhaul being considered Senate
Banking Committee. The proposed court would work in tandem with a
process to dismantle a failing large non-bank financial institution in a
way that does not cause collateral damage to the markets, like the
financial system’s near collapse in 2008 after Lehman Brothers
filed for bankruptcy.
Twenty-one percent of
respondents thought that a special bankruptcy court is needed to deal
with “too big to fail” banks. Fourteen percent
“strongly agreed” and 7 percent “agreed
somewhat” that a special bankruptcy court is needed as part of the
financial regulatory overhaul. Only one percent of respondents did not
know or had no opinion on the issue.
ABI members and members of the
public were welcome to submit their response to the statement:
“Congress should create a special bankruptcy court for ‘too
big to fail’ banks.”
ABI’s Quick Poll is
posted on ABI’s home page,
href='http://www.abiworld.org/'>www.abiworld.org. ABI members and the public are invited to respond to a question
on a timely bankruptcy or insolvency issue. Visit
href='http://www.abiworld.net/quickpoll/'>
face='Times New Roman'>http://www.abiworld.net/quickpoll/
to access the results of previous
ABI Quick Polls.
###
ABI is the largest multi-disciplinary, nonpartisan
organization dedicated to research and education on matters related to
insolvency. ABI was founded in 1982 to provide Congress and the public
with unbiased analysis of bankruptcy issues. The ABI membership includes
nearly 12,400 attorneys, accountants, bankers, judges, professors,
lenders, turnaround specialists and other bankruptcy professionals,
providing a forum for the exchange of ideas and information. For
additional information on ABI, visit www.abiworld.org. For additional
conference information, visit
href='http://www.abiworld.org/conferences.html'>
face='Times New
Roman'>http://www.abiworld.org/conferences.html.