Word: auto
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...Three automakers seek a $25 billion federal government bailout to avoid financial collapse, angst is rising among the auto behemoths' suppliers, and in the communities they support...
...Monday, an auto industry consulting firm, Planning Perspectives Inc., reported that 68% of participants in a survey of executives for industry suppliers said their companies would have to downsize if General Motors declared bankruptcy, while 12% said their businesses would likely close or would definitely do so. In the Midwest alone, some 275,000 jobs would be lost as a result of a GM bankruptcy. "If they go into bankruptcy, it's going to have a catastrophic effect on businesses across the board," says John W. Henke Jr., president of PPI, based in Birmingham, Mich. (See the Top 10 Bailout...
...trusts would protect the health care of retirees and eligible dependents for the next 80 years. However, that always depended on the health of the company. The promise is now suspect, says Stephen Diamond, an associate professor of law at Santa Clara University in California who has studied the auto-industry VEBAs. Last summer, the UAW allowed GM to defer a $1.7 billion payment to the trust. The company's next scheduled payment of $4 billion is due in December...
...worth saving? Yes! With gas prices stabilizing, now is the time for the auto industry to shape up, and the government to help them. Otherwise, we all sink. C. R. Prabakaran, Sterling Heights, Michigan...
...Instead of bailing out an auto company that has not been competitive or innovative in years, why not give the funds to car companies that are doing well? Congress could require that the companies invest in the U.S., but other than that, let the market decide. Instead of throwing good money down a sinkhole, let's reward businesses that are innovative and give customers what they want. That used to be called capitalism. Carlos Gonzalez-Najera, Burlington, New Jersey...