Bankruptcy & Bailouts - Need for Reform
As a bankruptcy attorney and former lawyer for the Feds, I feel compelled to point out the drawbacks of the current bailout to GM and other entities which might seek Chapter 11 protection. The bankruptcy laws afford no special protection to taxpayers in a bailout situation. As such, the massive outlay advanced by the American people may never get fully repaid in a Chapter 11 proceeding which is highly problematic.
