Should struggling OC Realtor head national organization?

Next month a fellow named Gary Thomas becomes president of the National Association of Realtors, which is a big deal because it makes him a spokesman for the nation's real estate industry. But as reported by the OC Register, Thomas had to file for personal and corporate bankruptcy because of the housing crash. His debt totals $13 million. Is this the sort of guy who should be leading NAR?

"The real truth is hundreds of thousands of Realtors didn't file bankruptcy and managed their businesses - and honored their commitments," said [RE/MAX President Vinnie Tracey]. NAR President Moe Veissi said a long and arduous vetting process took place over years before Thomas was picked for president and that an additional inquiry was launched in response to Tracey's concerns. Thomas answered questions to the board's satisfaction. "It's at least a five- to seven-year process to get into a position to be considered as president," Veissi said. "He's been vetted and is qualified to lead the National Association of Realtors."