The DOJ Is Looking at Restructuring Bankers

Woah, this. Choice quote: "A major ongoing project of the Program is to issue similar large case guidelines pertaining to the fees of financial advisors, investment bankers, and other professionals. The role and costs of these financial professionals in bankruptcy cases have grown dramatically in recent years. Furthermore, financial professionals, especially investment bankers, have not submitted descriptions of the work performed in the detail generally required of attorneys." This ought to be interesting: it sounds like the UST is looking for bankers to line-item their work in six minute increments - like lawyers do. Good luck with that. Still, bankers ought not fear: pre-filing line-items won't be necessary. So, no "1.1 hours - bull-sh*ted management about ability to tap capital markets and avoid bankruptcy filing despite challenges."