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That surely boosted the confidence of prospective car buyers and sent a strong message to the United Auto Workers union and bondholders that the government is dead serious about implementing a major restructuring of both companies - and won't wince at bankruptcy if that's what is required to get the job done. GM's new CEO, Frederick A. Henderson, basically repeated that message at his Tuesday-morning press conference, even going so far as to say that bankruptcy was now "more probable," though not desirable. (See pictures of the remains of Detroit...
...this point, the promise is grand but vague. Warranty administration is a subspecialty in the auto business that relies on precise language. When carmakers say three years and 36,000, they mean exactly three years and 36,000 miles. Any changes or extensions, while not uncommon because of pressure from state lemon laws, are reviewed by senior management. Dealers get some leeway but not much, and taking a car to an unauthorized repair center can effectively negate the warranty. "None of this is clear," said one dealer, referring to the many nuances of warranty work that...
...little, too late. Several of Wagoner’s classmates, however, called his forced departure a unjustified political sacrifice to appease growing public dissatisfaction with big business. They pointed to GM’s success in expanding global market share and negotiating contracts with the powerful United Auto Workers union as evidence of the progress the former CEO had achieved. The blame, they said, falls largely on the crippling worldwide economic decline that has hobbled GM’s plans to reinvent itself. “He was well on his way to being a folk hero...
...laborer from rural Khulna district in Bangladesh, he now scraps for odd jobs in a market town 19 miles (30 km) south of Malaysia's capital, Kuala Lumpur. Last year, he agreed to pay a recruitment agency $2,400 to win a position on the production line of an auto parts manufacturer. But in the wake of the financial crisis, that job is gone, and Hussein, like hundreds of thousands of migrant workers around the world, is stranded far from home, saddled with debts that will take years to repay...
...that bankruptcy was inevitable for GM and Chrysler - a fear that the Administration did little to calm. President Obama, in his speech announcing the deal on Monday, tried to put a good face on things, laying out measures to save the companies, soften the blow to autoworkers and encourage auto sales with guaranteed warranties and car-buying tax incentives. But, he said, "these efforts, as essential as they are, are not going to make everything better overnight. There are jobs that won't be saved. There are plants that may not reopen...