The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Bankruptcy Pays Very Well

May 10, 2010

Bankruptcy is very good news for certain kinds of lawyers and professionals. Since Lehman Brothers went bankrupt last year, one legal firm has racked up 730 million dollars in fees. And the case isn’t finished.

The current record for court-awarded fees and expenses belongs to all those lawyers and accountants and specialists who took apart Enron Corporation, earning 757 million dollars to do it. Enron employees, of course, lost their jobs and pensions.

General Motors’ bankruptcy has cost 90 million dollars so far since bankruptcy was declared on June 1, 2009. One firm, AP Services, has billed GM more than 36 million dollars in four months. The GM bankruptcy even has a consultant, hired at $495 per hour, to overlook all the other lawyers and consultants.

Just another one of those bills taxpayers are paying!