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...question is whether any U.S. automobile manufacturer will live long enough to enjoy it. President Barack Obama would rather bridge General Motors to the future than see it collapse, but he has now made it clear that the GM we know and don't really love is finished. So is GM CEO Rick Wagoner, who was told to hit the road, his three decades of service to GM - and strong support within the industry - now considered a liability. "This is not meant as a condemnation of Mr. Wagoner, who has devoted his life to this company," Obama said in condemning...
...Even trickier for a Democratic Administration is telling hard truths to the union. On that score, Obama's toughness has gained him some street cred in 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...
...biggest challenge for GM remains fashioning a plan acceptable to the UAW, which represent GM's 62,000 workers, and its bondholders, mostly banks and other large institutions, which are owed some $27.5 billion and by law are first in line to get paid back. It's fairly clear the Administration wants to make bondholders eat huge losses - or make them try their luck in bankruptcy court. "No bankruptcy judge is going to rule against GM and its plan. Not for labor, not for bondholders, that's for sure," says Lynn LoPucki, a bankruptcy expert at the UCLA School...
Lastly, we hope that colleges remain transparent with their admissions process. If they must make financial status a bigger factor in their admissions decisions, then they should be clear about this with students. If they need more information about applicants, they should request it instead of trying to ascertain financial need using deceptive tactics such as evaluating zip codes or parent’s background. These methods are underhanded and do not provide an accurate picture of a family’s financial situation or a student’s ability to afford school. As hard...
President Barack Obama loves to talk about the great promise of energy reform, but all it takes is one glance down Pennsylvania Avenue to get a sense of the pitfalls of such ambitious designs. That was especially clear on Tuesday, as Congress ran both hot and cold on legislation to fight global warming...