Tom Martino after bankruptcy settlement: "It was arrogance mixed with greed"

Tom Martino in mid-pitch.

As for how he got into a fiscal thicket in the first place, he maintains that "I was caught up in a perfect storm. We had the worst recession in U.S. history, real estate values plummeted and two of my three lending banks failed. All of my loans were called due at around the same time and no banks would refinance my underwater property. No one ever plans or even expects this to happen. But it did happen and I got caught."

This comments suggest that Martino thinks circumstances were entirely at fault for his bad fortune. But he adds that "I learned a lot. While I would like to blame it all on the economy, the truth is, I had the power to stop when I was a dollar ahead. Instead, I kept on investing, believing I could not fail. It was arrogance mixed with greed that was my recipe for trouble. Life is a great teacher and I have been humbled by the experience."

Martino notes that "I have totally changed my outlook on finances. I have learned that nothing is totally safe or assured. My investments now are mostly in myself and my broadcasting brand, which has been my foundation."

Nonetheless, Martino remains upset by allegations of malfeasance when it comes to the original bankruptcy filing.

"What is really important is that the creditor who started a flood of accusations insinuating that I was fraudulent never came forward with any evidence," he maintains. "International Bank was quick to defame me but short on substance. I provided that creditor with financial information going back ten years, including thousands of documents. In the end, in my opinion, all they really did was stir the rumor pot with lies to fuel my detractors.

"On the other hand," he continues, "all of my sponsors, true friends and a record number of listeners stood by me and believed I would ultimately come out of this without any findings of wrongdoing."

Whether "a record number of listeners" continue to tune in Martino is debatable. During his heyday, his program was nationally syndicated, which is no longer the case -- and that's not to mention the end of several regular TV gigs. But after more than a year of headlines about the consumer advocate's money difficulties, he's still standing, still fighting, still shooting trouble. And he's still got a helicopter.

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