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Meanwhile, Chrysler plans to cut 25% of its 18,000 nonunion salaried workforce before Christmas. In an e-mail to employees, Nardelli said the layoffs would be handled as humanely as possible as he urged employees to retire or accept buyouts. Cash for the buyouts will apparently come from the $11 billion in reserves the company had on hand at the end of the summer. "The combination of troubled financial markets, difficult credit, volatile commodity prices, the housing crisis and declining consumer confidence continue to weigh on the economy," Nardelli said...

Author: /time Magazine | Title: GM and Chrysler, Near a Deal, Press for Federal Aid | 10/30/2008 | See Source »

...crank. He was not elected Prime Minister in 1940; rather, he was installed by a Parliament that deferred elections until after the war. When one was finally held, in 1945, Churchill was voted out of office. We need not only great leaders but also a public great enough to accept their leadership. M.L. Cross, Stephenville, Texas...

Author: /time Magazine | Title: Inbox | 10/30/2008 | See Source »

...father will vote for McCain. She worries that it "could somehow threaten our affection." Really? I understand that many people are passionate in their political beliefs, but to obsess over your own father's political preferences to the point where you want to "scold him or force him to accept [your] worldview" strikes me as rather extreme and narrow-minded. Salvatore Astorina, BROOKLYN...

Author: /time Magazine | Title: Financial Contagion | 10/30/2008 | See Source »

...Accepting Blame Why do we hear so many Americans blaming their government for the financial crisis [Oct. 20]? Observing from the southern tip of Africa, with my little salary of $1,500 a month, I cannot help but ask when will Americans themselves accept responsibility for the problem and recognise that they have been living beyond their means for much too long? Are you adult, responsible people, or should your government also wash your ears in the morning? Henri du Plessis, CAPE TOWN

Author: /time Magazine | Title: Financial Contagion | 10/30/2008 | See Source »

...further drive down investment opportunities in the sector. But Primack said that the deal, which would be one of the biggest private equity sales ever by an endowment, might not go through because HMC’s position is still comfortable enough that it would not have to accept a sale at a less-than-favorable price. “No one’s done well lately, but in the private equity market, there are some desperate cases,” he said. “Harvard is not one of them.” —Staff...

Author: By Wyatt P. Gleichauf, CRIMSON STAFF WRITER | Title: Risky Assets May Be Sold Off | 10/29/2008 | See Source »

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