Word: auto
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...This is the thanks you get for creating the middle class, Henry. In the throes of the biggest auto swoon since 1931, the headmen of Detroit go hat in hand to Washington to try to keep their once mighty industry upright for a couple of months and are treated as if they had invented the four-wheel-drive subprime mortgage. AIG torpedoes the entire economy and gets a $150 billion handout; Citigroup takes risks no sane manufacturing company would even contemplate and is rewarded with a $20 billion federal bailout. And the car guys...
...United Auto Workers has scrapped the jobs bank and is looking to modify other aspects of its existing labor agreements with General Motor Corp, Ford Motor Co. and Chrysler as part of the effort to secure federal aid for the three automakers...
President-elect Barack Obama's Administration-in-waiting is quietly exploring options for negotiating a bailout of the ailing auto industry when the Democrat takes office in January. While no one is ruling out the possibility that Congress will appropriate money next week, a senior Obama aide told TIME, there is a sense that a comprehensive solution is unlikely to come from whatever legislative action Congress may take before the end of the year...
...senior staff members have been in contact with senior executives at all three car companies since October, the Obama aide said. The talks consist of phone calls, e-mails and meetings, and the companies have given a PowerPoint presentation on their internal financials. "We're not negotiating with the auto companies. We're not saying to them, Here's our plan," the Obama aide said. "We're just trying to listen and understand and study a range of options so that we're ready to move quickly and immediately...
...management. More significantly, GM has pledged to consolidate its sprawling number of brands (focusing on Chevrolet, Cadillac, Buick and GMC), cut more than 20% of its remaining jobs, shutter almost a quarter of its factories and try to reduce crippling labor costs by reopening negotiations with the United Auto Workers. Ford, in its plan, stated that it would roll out all-electric models within two years...