Bankruptcy isn’t bad news for everyone
When companies go belly up, lawyers and accountants cash in
Though some bankruptcies are quick and easy, others are complex—such as some are predicting the impending restructuring of GM will be. The more complicated the process, the longer it takes—and the higher the bill for paper-pushers who see it through. As Slate writer Daniel Gross explains, the lawyers and accountants who are overseeing the reams of bankruptcies currently underway stand to make a small fortune: Lehman Bros.’s unraveling is expected to add up to $1.4 billion, and experts have projected the cost of GM’s bankruptcy to be close to $1.2 billion.
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