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Adventureland, writer/director Greg Mottola's semiautobiographical ode to the languorous time just before adulthood responsibilities begin, makes you want to ditch your career (if it hasn't already ditched you), don some mildly humiliating uniform and return to the mundane summer job of your youth. Who can argue against cash flow, solidarity with a new peer group and no responsibility more strenuous than remembering who ordered the Sanka...
...that point. Industry-wide, March auto sales were down 40% on a seasonally adjusted basis. GM's factory-utilization rate is less than 60%. That's abysmal - the rate needs to be in the 80s for the company to be successful - and it's one reason GM is hemorrhaging cash. "We don't believe the rest of '09 will be strong. We are going to stay soft through the rest of the year," says Lars Luedeman, director of analytics at Grant Thornton, which follows the industry. Dealer inventories are approaching a 100-day supply; 60 days is more typical...
...business circles - even drawing faint praise from a Wall Street Journal editorial. The task force has made it clear that GM can't afford the renegotiated wage-and-benefits package the UAW agreed to in 2007. Even using GM's best-case scenario, the company projected a negative net cash flow of $14.5 billion over the next six years. Most of that deficit can be accounted for in retiree health and pension benefits - which means that one way or another, the hundreds of thousands of UAW retirees are probably going to get a lot less health coverage. The outlines...
...sales will return to an upward trend this year. The prices of some used cars are beginning to rise as supplies tighten, which makes new cars a more attractive deal. Any improvement in the homebuilding industry bodes well for light-truck sales. And if Congress passes a proposed cash-for-clunker bill that would give car owners a $3,000-to-$5,000 voucher to trash their old vehicles and buy something new and shiny, dealers will move the metal, as they have done already in Europe...
...cash payments to CDS [credit-default swap] counterparties should never have occurred," Greenberg told a House oversight committee. Greenberg is not alone is raising questions about profits that financial firms have been making on the unwinding of AIG's derivative bets. Last week New York attorney general Andrew Cuomo said he was looking into AIG's trading records to examine whether the payments the company made to other financial firms were improper. (Read "How to Know When the Economy Is Turning...