Government Should Cap Huge Banker And Legal Fees For GM (GM) Restructuring

Cars and Drivers

Published: February 25, 2009 8:41 am

Last Updated: March 30, 2020 11:01 am

The federal government has seen fit, perhaps appropriately, to cap the pay packages of bankers and will probably do the same with auto company executives.

What has not been limited so far are the mammoth fees that will be paid to outside firms which are working on the GM (GM) restructuring.

According to Bloomberg, “A General Motors Corp. bankruptcy might yield a $1.2 billion `bonanza’ for bankers, accountants and lawyers, surpassing record fees being made by advisers on the collapse of Lehman Brothers Holdings Inc.”

That means that a fairly large portion of the money that the largest US car company has received already will go to costs which have nothing to do with daily operations, retaining jobs, and some degree of worker benefits.

Where is the cap in that?

Douglas A. McIntyre

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