Word: cash
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...past, the IBMs and GEs of the world have not had to worry about underfunded pensions," says Williams. Now, though, successful firms with undervalued obligations may have to accumulate additional cash, amid the credit crunch, just to prop up their pension accounts. That's in part because evolving accounting standards - including those established in the Pension Protection Act of 2006 - prevent companies from getting too far underwater on their obligations to retirees. Public pensions have also been hit hard. State and local governments' pension funds support some 27 million Americans, and many have lost a fifth of their value this...
...assistance. In addition to the $25 billion in government loans promised to the industry in an energy bill for production of fuel-efficient vehicles, GM's lending arm, GMAC, is exploring ways to access funds in the $700 billion federal-bailout package, while the company reportedly is also seeking cash injections to cover potential merger costs. GM and Chrysler employ more than 200,000 U.S. workers and support many more jobs in the auto-parts and sales industries; GM's stock has fallen more than 80% since January. White House press secretary Dana Perino confirmed talks between federal officials...
...economy now to say when things might hit bottom. But what is in place--realistic pricing, some banks willing to deal and maybe a mortgage bailout--should provide some friction against a big slip. That should allow home buyers to take some comfort--and sellers to make some cash...
Meanwhile, Chrysler plans to cut 25% of its 18,000 nonunion salaried workforce before Christmas. In an e-mail to employees, Nardelli said the layoffs would be handled as humanely as possible as he urged employees to retire or accept buyouts. Cash for the buyouts will apparently come from the $11 billion in reserves the company had on hand at the end of the summer. "The combination of troubled financial markets, difficult credit, volatile commodity prices, the housing crisis and declining consumer confidence continue to weigh on the economy," Nardelli said...
Free Money. When was the last time a hotel gave you cash at check-in? The Hard Rock Hotel in Chicago is handing guests $20 in one-dollar bills in the hopes that they'll use the money charitably during their stay. The hotel suggests giving back by tipping a street musician or paying the highway tolls of 10 cars behind you. If you upgrade your room, the hotel will donate $25 to one of three local charities, including the Chicago Food Bank. Generosity must be contagious: Another Chicago hotel, Hotel Indigo, is handing guests $25 gift cards to Target...