From Clusterstock:
If you thought the Chrysler bankruptcy, with all its politics and debates about seniority, was messy, then you ain't seen nothing yet. At least that's the message of this NYT piece on the looming GM nightmare.
The real winners of course are the lawyers and bankers (surprise, right?) who stand to make a killing booking countless hours on behalf of GM, its creditors, the government and of course the union.
...GM will need between $40-70 billion in DIP financing, which we're guessing comes all from us, the taxpayer.
Read full article...
More on GM and their (failing) bailout:
GM says it "may" go bankrupt. Which means it "will"
Exclusive: "A letter from the Chairman of General Motors"
Blundering GM lost $30 billion in 2008... and it needs more of your money
