Word: chrysler
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Dates: during 1970-1979
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After years of talking about the four-day work week, only about 60 U.S. companies, with a total of 11,000 employees, have yet adopted it. But last week Chrysler Corp., which employs 153,000, agreed to set up a joint committee with the United Auto Workers to study the feasibility of switching to a four-day schedule followed by three days off. If such a schedule becomes part of a new contract, it could provide a powerful impetus for a shorter work week...
...Federal Reserve Board thus narrowly averted a liquidity crisis-but not without a few tense moments. Some financially embarrassed companies had trouble refinancing their commercial paper. In one case, Chrysler Chairman Lynn Townsend flew to Manhattan and arranged a $400 million increase in the company's line of credit from a group of banks. Many other cash-hungry companies were not so fortunate. Business failures in 1970 rose to a three-year peak of about 10,000, and the sums of money involved reached an alltime high...
...response to the Senate's call for a virtually pollution-free car by 1975. Henry Ford II told an audience in Chicago that politicians and the press have unfairly labeled automakers as "bad guys" -mainly, he charged, to help win votes and gain circulation. In New Orleans, a Chrysler emissions expert, Charles Heinen, argued against "over-control" of auto exhausts, and said that Americans have been "needlessly frightened" by reports of car-caused smog. Added General Motors President Edward N. Cole: "National efforts to reduce overall air pollution must involve all major sources of pollution-not only motor vehicles...
...auto raises are also below the 37% increase over three years that a presidential commission recommended last week for four railroad unionsand that the unions rejected as not enough. But the auto contract provides a new minimum target for other unions to shoot at. Ford and Chrysler will undoubtedly settle on essentially the same terms, and the union will seek to apply the G.M. formula to farm-machinery manufacturers...
Misplaced Faith. Riccardo and Cafiero inherited some staggering headaches. Costs were high. Some of Chrysler's cars impressed consumers as unimaginatively styled, and quality control had slipped. Worst of all, Chrysler was initially left behind by the market swing to small cars because it had placed an even more stubborn faith than G.M. or Ford in the idea that the American motorist's love for big cars would last forever. During the 1969 model year, only one of its eight plants could produce the compacts...