It is not only morally bankrupt which everyone knows, but is out of Money, too:
Republican presidential hopeful Newt Gingrich’s health-care think tank has filed for Chapter 7 bankruptcy.
The Center for Health Transformation, which has offices in Washington, D.C., Atlanta, and St. Louis, plans to liquidate its assets, according to a filing Wednesday in U.S. Bankruptcy Court in Atlanta. Download the filing here.
The think tank listed estimated liabilities of $1 million to $10 million dollars and 50 to 90 creditors.
Political observers said the negative publicity surrounding the bankruptcy spells the end of the former U.S. House speaker and Georgia congressman’s campaign.”This ends his campaign. He’ll now be completely on the defensive about this,” said Emory University political science professor Merle Black.
“Much like his presidential campaign, even the receipt of millions of dollars could not keep Newt Gingrich’s health-care think tank afloat,” said Charles S. Bullock III, political science professor at The University of Georgia . “While health-care costs have bankrupted many without insurance, Gingrich may be the first to go broke studying health-care delivery.”
This is how it is done. Suck out all the cash donated by a bunch of losers and walk away when the bills come due. Newt knows how to play the game, suckers.