Another bankrupt clown | Arkansas Blog

Another bankrupt clown



A Republican congressional candidate who's running against federal deficits and bailouts turns out to have a bankruptcy on his record. No, not Arkansas Republican Rick Crawford.

The latest hypocritical clown is Bill Flores, who's running against incumbent Rep. Chet Edwards in Texas, wailing all the while about government bailouts. It appears he defaulted on a wad of government lending.

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.
Elections 2010

"The value of hindsight tells me the deal worked fine for everyone but the federal government," Flores said Thursday, describing his earlier contention about creditor compensation as largely accurate.

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