General Motors has another day in bankruptcy court today -- good news for lawyers. "Hundreds, if not thousands, of lawyers will attach themselves to some part of the proceedings to carve out some much-needed business." notes a recent article in The AmLaw Daily.
Meanwhile, the General Motors flameout - the fourth largest bankruptcy in the history of the country - has been a disaster for blue collar Americans working on assembly lines. Out of 123,000 North American GM workers, 20,000 are scheduled to lose their jobs.
GM's previous management has come under a lot of fire for running the company into the ground but with the American people owning a 60% stake in GM, one could argue that taxpayers will be the ones making the layoffs -- and sending the jobs overseas.
According to Peter Whoriskey in the Washington Post, "the number of cars that GM sells in the United States and builds in Mexico, China and South Korea will roughly double."
The Auto Task Force, appointed to oversee the process, is led by Wall Street financiers and seems intently focused on a single goal -- turning a profit and getting stock prices to rise. It's an approach that has some people worried.
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