bankruptcy

Washington, D.C., March 12, 2006 -- The Bush administration has filed for Chapter 11 moral bankruptcy protection, White House Press Secretary Scott McClellan announced today. The unusual move, Mr. McClellan explained, is in reaction to the growing spate of scandals that have brought presidential stock in both national and international markets to the brink of collapse.

The filing will protect the Bush administration from moral creditors while a court-appointed ethical overseer evaluates the administration's moral debt.