During Thursday's Republican debate, Donald Trump was grilled by the moderators about his bankruptcy proceedings.
Wallace noted, "Trump corporations, casinos and hotels have filed bankruptcy four times in the last quarter-century."
And he was unapologetic.
Trump replied "Four times I've taken advantage of the laws, and frankly so has everyone else in my position."
Four of Trump's businesses have filed Chapter 11 bankruptcy: Trump Taj Mahal Hotel and Casino, Trump Plaza Hotel, Trump Hotel & Casino Resorts, and Trump Entertainment Resorts. The first bankruptcy almost left Trump's personal finances in ruins.
And Wallace implied that record of bankruptcy casts doubt on Trump's ability to run a nation's budget.
He said "Lenders to your company lost over a billion dollars, and more than 1,100 people were laid off."
Trump's response? "I made a lot of money in Atlantic City, and I'm very proud of it. ... This country owes $19 trillion and they need somebody like me to straighten out that mess."
This video includes images from Getty Images.