Political Issue Articles

Title: Subchapter 11 Bankruptcy    Author: Unknown   This Writing Is Rated G

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In 1978 the United States changed the bankruptcy laws for corporations allowing them to reorganize whenever they want to. During the reorganization the corporation can get out of any unsecured debt and can cheat the stockholders by issuing new stock to the secured debt holders which are the banks.

This process allows corporations to get out of pension plans, retirement plans, medical insurance plans, leases and any other obligation they don't like. And the stockholders end up losing all the money they invested in the corporation.

The secured creditors who usually are the banks end up taking over the corporations. Once the corporation is run by the banks, as most U.S. Corporations today are (because they have been through subchapter 11 bankruptcy), the corporation becomes a ruthless entity interested in only making money and has no morals at all.

That is why these corporations are outsourcing jobs to foreign countries and that is why they lie and say they cannot find U.S. workers and so they insist on bringing in 140,000 H1B lower paid high tech foreign workers each month to America - as they do today.

Can you believe that with the economy as bad as it is, this administration is still letting 140,000 new H1B visa low paid high tech workers into America each month!

I hope this administration and congress and the senate will stop the H1B visa program and I hope they will tax the companies that outsource our jobs to foreign countries and that manufacture our goods in foreign countries and I hope they will change the Chapter 11 bankruptcy laws to protect pensions and retirement accounts and stockholders.