Business using bankruptcies to avoid cleanups, report says.(News)
Waste News, August, 2005
Byline: Bruce Geiselman Federal environmental regulators should do more to ensure that corporate polluters pay to clean up contaminated sites, according to a recent report by congressional investigators. The burden of cleaning up Superfund and other hazardous waste sites increasingly is falling on taxpayers, according to an Aug.
17 report from the Government Accountability Office. The report cites several reasons, including companies' filing for bankruptcy protection to escape financial liability and forming subsidiaries that free the parent company of financial responsibility. "More than 231,000 businesses operating in the United States filed for bankruptcy in fiscal years 1998 through 2003. The extent to which these businesses had...
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