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GMAC Bankruptcy Amicus Brief on Appointment of A Borrower's Committee–MUST READ

(Read here for an article on GMAC in the boom times)

For those that do not understand all of the complex issues surrounding the GMAC bankruptcy, I urge you to read carefully the brief that was submitted by Paula Rush to the federal bankruptcy court.
When I traveled to New York City last month for the GMAC Bankruptcy hearings, I was struck by the madness and the magnitude of it all.   Corporate titans and out of control enterprises burning up billions of American dollars like it is Monopoly money.   Most of them obscenely and arrogantly out of touch with the fact that this money they’re talking about is my money. Your money. Our money.   These are taxpayer dollars they’re playing with…a fact they all seem too willing to ignore…as they burn away spending attorney’s fees at hundreds of dollars   per hour.   I will say, that it’s clear the most important person in the room clearly got it….that person was the judge that sat there managing this room full of hundreds of lawyers….all pushing hard….but this judge clearly was in control of these proceedings…and this multi billion dollar bankruptcy.
Immediately after the hearing, I left the courtroom and went to the location where George Washington bade farewell to his soldiers and cabinet members as this nation was first born.   To the extent that any of those stories about the higher purposes and calling of this nation still have any application or reality in the disgusting descent that this nation has taken, I sat in that room and could only think to my self that these founding fathers would undoubtedly be disgusted by what this nation they fought and died for to create has become….



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