Layers of lawyers
“GM Collapses Into Government’s Arm,” screamed a headline in The Wall Street Journal. “A Saga of Decline and Denial,” said another Journal headline. But the headline that really caught our attention was published in the New York Times a week before General Motors’ bankruptcy filing on Monday: “Auto Troubles Touch Many Concerns; Bankruptcy For G.M. Would Tax The Experts.” The story says GM’s troubles are bad for workers and execs, “but it will be putting a lot of lawyers to work.” The government bailout and subsequent bankruptcies of GM and Chrysler could be called the Lawyers Full Employment Act of 2009 - President Obama’s gift to the legal industry. Other booms from GM’s bust will benefit hotels and restaurants near the New York bankruptcy court handling the case. “For law firms,” the Times noted, “big bankruptcies can be very lucrative.” Taxpayers take note: We’re sending lawyers tubs of money to rescue another corporate giant.
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