Word: auto
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...acquire a 51% stake in GMAC, General Motors' financial arm, and less than a year later it drove off with Chrysler, described at the time as the "capstone" of Cerberus' industrial empire. Never mind that the seller, Daimler, was only too happy to get rid of the auto company...
Chrysler also eliminated 25% of its salaried- employee positions on the day before Thanksgiving, and plans to press ahead with demands for more cuts from the United Auto Workers. Cerberus has agreed to utilize the first $2 billion of proceeds from Chrysler Financial to backstop the loan allocated to Chrysler automotive...
...year-end shutdown. Chrysler's sales were down 47% in November, even worse than the 37% decline for the industry over all. And all the grim headlines about Detroit's uncertain future aren't helping local salesman. At this sprawling dealership in suburban Kansas City, the biggest problem facing auto salesmen is squeamish buyers spooked by too much talk about bailouts and bankruptcies. "Our problem is getting them in the door," Sullivan said of his nervous customers. So Friday's announced $13 billion rescue package for GM and Chrysler was good news, not so much because this Kansas dealer needed...
Reich's sentiment is shared by many Democrats who believe that the key to a strong economy is a strong middle class, and the key to a strong middle class is union bargaining. They point to heroes of the movement like Walter Reuther, the famed head of the United Auto Workers, who once famously noted that his workers were also Chrysler's best customers. "What studies show is that every time there's been a strong labor movement, there's been a strong middle class," says Janice Fine, a professor at Rutgers University's School of Management and Labor Relations...
...seven weeks since Obama's victory, the President-elect has proven to be more of a pragmatist than labor envisioned. From his podium in Chicago during the debate over whether to bail out the Big Three automakers, Obama has been critical of the United Auto Workers, arguing that the union must be willing to grant concessions on its workers' hard-fought wages and benefits. Labor has also been disappointed by some of Obama's initial appointments. Rep. Xavier Becerra of California turned down the job of U.S. Trade Representative because, he told a radio station, he felt overhauling trade agreements...