FOR IMMEDIATE RELEASE
W Ketchup™ Calls on Congress to Release Students from Debt Bondage
Article I, Section 8 of the Constitution of the United States charges Congress with creating a bankruptcy code. The purpose of bankruptcy is to provide a non-fraudulent debtor with a fresh start to allow him to re-engage in the commerce of society, since neither debtor, nor creditor, nor society benefits from a debtor’s languishing in prison.
The advent of bankruptcy codes in the 19th century made economic failure tolerable, enabling the risk-taking that caused the economy to flourish. Moreover, forcing creditors to evaluate the risk of a loan minimized predatory lending, adding efficiency to capital allocation. It is no accident that the industrial revolution occurred simultaneously with the abolition of debtors’ prisons.
In the United States student loans are not dischargeable in bankruptcy. Student debt outstanding has grown from $200 billion in 2000 to nearly $1 trillion today, surpassing the level of credit card debt.
Dan Oliver, CEO of W Ketchup™, commented: “It is no wonder that feral bankers enabled by corrupt politicians have focused their efforts on peddling a form of debt from which there is no escape. Americans who fell victim to this scam now discover they are debt slaves to a plutocrat Wall Street class, just like the Roman plebeians before them.”
The largest student loan originator is Sallie Mae, a government sponsored enterprise created in 1972 and privatized in 1997. The New York Times has estimated that Chairman and CEO Albert Lord was compensated with over $450 million in stock. Lord was investigated for insider trading when he dumped shares in the company three days before Bush announced cuts to the student loan program. He recently paid $30 million to build a private golf course.
Other large holders of student loans include Citigroup, Wachovia, JP Morgan, Bank of America, and Goldman Sachs. In May, the Department of Education mobilized a SWAT team to raid a residential home in connection with a student loan.
W Ketchup™ Chairman Bill Zachary reacted: “President Obama, who was awarded the Nobel Peace Prize, has not only attacked several countries since he was elected, but it appears he has now militarized the Department of Education, even while attempting to restrict the gun ownership of law abiding citizens. Obama has heeded his Wall Street masters’ demands that he enforce their debt contracts by force.”
Goldman Sachs was the second largest contributor to Obamaís 2008 presidential campaign, Citigroup was sixth, followed by JPMorgan Chase. University of California and Harvard University were first and third, respectively. The previous Chairman of the University of California, Russell Gould, served concurrently as a Senior Vice-President of Wachovia.
Zachary added: “The incentuous overlapping among financial, educational, and political interests and individuals reveals the endemic corruption that the Democratic expansion of the state has engendered.”
In bankruptcy, the insolvent borrower surrenders all of his goods to his creditors, and the remainder of the debt is destroyed. Without bankruptcy, the residual debt can compound at a rate that allows the creditor to lay claim to all of a borrower’s future economic output, creating indentured servitude.
In 594 B.C., Solon became the ruler of Athens and decreed that debtors could not be sold into slavery. In 45 B.C. the Romans copied Solonís law abolishing debt bondage.
Oliver charged: “It’s past time for America to emulate the great, civilized nations of the past. We demand Congress fulfill its Constitutional responsibility to allow all insolvent borrowers to declare bankruptcy and receive a fresh start, freed from the debt fetters of parasitic bankers.”
W Ketchup™ was founded to free Americans from the ketchup monopoly, and to allow all Americans to support a ketchup that shares their beliefs. W Ketchup™ donates a portion of every purchase to the Freedom Alliance Scholarship Fund, which helps fund college tuition for the children of America’s fallen heroes.
Founded in 2004, W Ketchup™ is a private company that makes ketchup