It’s time again for the BankruptcyCanada Blog’s quotes of the year. We ran this for the first time for 2005. The winner in 2005 was a quote from the US concerning a “non-profit” credit counselling company:
“…AmeriDebt has served more as an anchor than a life preserver for many consumers.”
Attorney General Jay Nixon, of Missouri in announcing the lawsuit, filed in St. Louis Circuit Court against non-profit credit counselor AmeriDebt. AmeriDebt filed Chapter 11 bankruptcy in 2004. AmeriDebt, as part of a settlement agreement in 2005, agreed to shut down operations.
We had strong contenders from Canada and the US for the Bankruptcy Quotes of the Year - 2006. Our winner for 2006 is:
“A billion just isn’t what it used to be,” said Forbes associate editor Luisa Kroll, presenting the 20th annual Forbes magazine’s list of the world’s richest people at a New York new conference. National Post – March 10, 2006.
Some of the 2006 contenders were:
For the first time since the depression, households now have negative annual savings and they continue to build up larger and larger debt-loads. Vanier Institute of the Family as reported in: http://www.bankruptcycanada.com/blog/spare-a-dime/ Feb 13, 2006.
Canadians’ ability to service that debt is being further challenged, as it represents 109 percent of personal disposable income. Vanier Institute of the Family as reported in: http://www.bankruptcycanada.com/blog/spare-a-dime/ Feb 13, 2006.
Canadian Imperial Bank of Commerce (TSX:CM) has paid more than $3 billion in penalties in the United States for its investment bankers’ role in Enron’s accounting malfeasance, but “there has not even been a reprimand” in Canada, said investor advocate Diane Urquhart.
Lack of regulation of the industry make consumers vulnerable to receiving poor advice from untrained or poorly qualified counsellors; Consumer Affairs Reports on its Study of the Credit Counselling Industry. December 18, 2006 BankruptcyCanada Blog; http://www.bankruptcycanada.com/blog/cosumer-affairs-reports-on-its-study-of-the-credit-counselling-industry/
“Under the BIA, student loans are among the few debts that are not erased by bankruptcy. The only others are court-ordered fines for personal injury and wrongful death as well as spousal support orders. It is completely unfair to place former students on the same footing as O.J. Simpson and deadbeat dads.” Alan Spergel in a CAIRP News Release dated November 10, 2005.
“Our job is not to teach our customers how to save, but how to spend more.” Walter Wriston, Chairman Citibank. – March, 2006 from the movie “Maxed Out”.
“There’s not as much money in Washington as there used to be!”
-George W. Bush“I know for a fact that [the banks] aren’t looking for people with experience. They want people who have jobs at the mall. Their whole approach is they want someone who is retail-driven. They want people who can sell, sell, sell.”
-John Ballew - John Ballew has spent over fifteen years as a manager in the retail banking industry. Mr. Ballew lives in New Albany, Indiana.
