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...month, requested $18 billion in loans and credit lines - $4 billion for December. For that money, it will slash the number of plants it runs, the number of brands it makes and the number of dealers who sell them. It proposed cutting its hourly manufacturing costs in half. CEO Rick Wagoner agreed to work for $1 a year. GM's business is going down fast because consumers are already shying away from a potentially bankrupt company - which is part of GM's argument for immediate funding...

Author: /time Magazine | Title: Is This Detroit's Last Winter? | 12/4/2008 | See Source »

...could afford to give the United Auto Workers (UAW) most of what it wanted. From Linden, N.J., to Lorain, Ohio, to Long Beach, Calif., to be an autoworker was to have it made; to be an auto executive was to have made it. Detroit, says John Plant, the thoughtful CEO of partsmaker TRW, was about more than just industry: "It's the largest experiment of social re-engineering that any country has ever undertaken...

Author: /time Magazine | Title: Is This Detroit's Last Winter? | 12/4/2008 | See Source »

...Failing to cure themselves of the Not Invented Here disease, Detroit's bosses resorted to Hail Mary attempts to fix what were long-term issues. "They were constantly looking at buy, sell, hire, fire, looking to be rescued from their predicament," says Spear. On the buy side, GM CEO Roger Smith acquired Hughes Aircraft, EDS and a 50% stake in Saab. His successors bought the Hummer, 20% of Korea-owned Suzuki and 20% of Fiat with the obligation to buy it or pay to get rid of it. (The latter course was chosen, at a cost of $2 billion...

Author: /time Magazine | Title: Is This Detroit's Last Winter? | 12/4/2008 | See Source »

...Ford's owners have always had a difficult relationship with the hired help. Henry Ford II fired everybody, says Noel Tichy, a professor at the University of Michigan's business school - including Lee Iacocca. Jacques Nasser, named CEO in 1999 to reinvent Ford, bought Volvo and Land Rover to create a luxury portfolio; he saw Ford as more than an auto company and tried to overhaul the culture. He was ousted in 2001 by Bill Ford Jr. - great-grandson of Henry - who took back the wheel for a couple of years...

Author: /time Magazine | Title: Is This Detroit's Last Winter? | 12/4/2008 | See Source »

...Chrysler is a bit of a mystery. CEO Robert Nardelli has been somewhat scant on details for new products other than announcing an electric-vehicle platform that has so far not impressed anybody. No one would be surprised if Cerberus, Chrysler's owner, announced some kind of partnership or merger before the year...

Author: /time Magazine | Title: Is This Detroit's Last Winter? | 12/4/2008 | See Source »

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