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...quest for the hybrid has also turned into a quest for hybrid builders. Ford, for example, is now competing with Toyota to hire engineers from the software and the aerospace industries to work on Ford's new vehicles even as the automaker eliminates jobs in other parts of the company. Ford's hybrid program now has 200 job vacancies for engineers and technicians with the critical skills in software development and battery integration needed to field the next generation of hybrids, says Ford spokesman Said Deep, who adds that the new recruits believe they are working on something truly important...
Under a new management team headed by Jacques Nasser, former chairman of Ford Motor Co., Polaroid returned to profitability almost overnight. Little more than two years after the company emerged from bankruptcy, One Equity sold it to a Minnesota entrepreneur for $426 million in cash. The new managers, who had received stock in the postbankruptcy Polaroid, walked away with millions of dollars. Nasser got $12.8 million for his 1 million shares. Other executives and directors were rewarded for their efforts. Rick Lazio, a four-term Republican from West Islip, N.Y., who effectively gave up his House seat for an unsuccessful...
...took Congress 10 years to respond to the Studebaker pension abandonment by writing the Employee Retirement Income Security Act (ERISA) of 1974. It established minimum standards for retirement plans in private industry and created the PBGC to guarantee them. Then President Gerald Ford summed up the measure when he signed it into law that Labor Day: "This legislation will alleviate the fears and the anxiety of people who are on the production lines or in the mines or elsewhere, in that they now know that their investment in private pension funds will be better protected...
Carl Sagan is dead, but Francis Ford Coppola hasn't forgotten him. Zoetrope, Coppola's film company, is suing Sagan and Warner Bros. over the upcoming film Contact. Coppola claims he worked with Sagan on the idea as a TV show before Sagan wrote his book. Now he wants $250,000 and a halt to further work on the film...
...Still, there's plenty of bad news to go around. The soaring cost of energy has begun to ripple through the economy, signaling a near-certain end to the glory days of zero-percent car loans and 5.5% fixed-rate mortgages. Some deals are still out there: Ford is desperately trying to unload a backlog of gas-guzzling SUVs with interest-free loans, and long-term rates haven't moved up all that much yet. You can still refinance into a 30-year fixed-rate mortgage for less than 6%. If you're in the market for a truck...