Just what Newt Gingrich's all-but-dead campaign needed: News that his health care think tank has filed for Chapter 7 bankruptcy. The Center for Health Transformation's filing cites liabilities between $1 million and $10 million, and some 50 to 90 creditors, the Atlanta Business Chronicle reports. The group intends to liquidate its assets. "This ends his campaign. He'll now be completely on the defensive about this," says a political science professor at Emory University.
The campaign defends itself by pointing out that Gingrich left his leadership post in May when he decided to run for president. "If anything, it shows the importance of his leadership while he was there," says the campaign's national counsel. AT&T, FedEx, IBM, and Merck are all among the group's creditors, as are Newt and Callista Gingrich themselves. A University of Georgia professor offered a snarkier take: "While health care costs have bankrupted many without insurance, Gingrich may be the first to go broke studying health care delivery." (This think tank is the one that got Gingrich into hot water over Freddie Mac work, notes the Hill.)