Word: build
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...gets its name from a section of the Internal Revenue Code that, a clever benefits consultant discovered in 1980, could be used to build tax-sheltered employee retirement plans. It was at first seen as a supplement to the existing system of workplace pensions, but during the 1990s the 401(k) largely replaced pensions in the private sector...
...Detroit Three, in fact, may have to shrink to two. Chrysler, which burned through $3 billion in cash in its last quarter and has $6.1 billion left, is looking for more partners like Nissan, which is already contracted to build a small car for the company. Chrysler's owner - Cerberus Capital Management, a New York City private-equity firm - got a lemon when it bought 80% of the company from Daimler for $7.2 billion last year. A merger could...
...overall, if you build the cars you can make rather than the cars the public truly desires, you have to price them that way and use rebates to move the metal off the lots. "They are building cars that they don't want to build. They have to build them because they have a fixed cost structure to amortize," says Nick Gidwani, a former auto-industry investment banker with Sankaty Advisors and now head of the startup auto-sales website CarZen. Particularly after the post-9/11 sales slump, Detroit got addicted to this strategy and used it to move...
...five top-selling cars in America are not "foreign." Many overseas carmakers build cars in the U.S. Why do these cars offer a better bang for the buck than GM's? The answer is with the United Auto Workers, who receive far higher pay and benefits than non-union workers in comparable jobs. As long as the labor bosses' power remains, Detroit's Big Three are doomed. President Truman stood up to the railroad unions. I hope Barack Obama will stand up to the auto unions. John Bucur, Wellington, Florida...
...three miles or more), a frontier technology that could yield five to 10 times more energy per borehole than any similar project in the world. Landsvirkjun, the state utility that owns Krafla, has also been in talks to supply power to an aluminum smelter that Alcoa plans to build nearby. The financial downturn has put that project on hold for now, but Alcoa, which already has one smelter in Iceland, still sees the country as a site for cheap, power-intensive smelters. By going geothermal, which has less impact on the environment, Alcoa believes it can mitigate the hundreds...