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Marchionne's most interesting challenge is that Chrysler's new owners, postbankruptcy, are his employees - the United Auto Workers, which holds a 55% stake through its retiree trust fund. His other bosses include the U.S. and Canadian governments, which hold 8% and 2%, respectively. Fiat will start with a 20% stake, which could reach 35% if Chrysler succeeds. "Politics and unions are Marchionne's biggest risks," says Carnevale. "Having politicians on the board of directors will require very complex management...
...three years after 9/11—allows institutions to enter into agreements with the Department of Veterans Affairs to pay up to half of the remaining tuition expenses with the VA matching that funding.While Harvard Law School and the Graduate School of Arts and Sciences have agreed to fund the full cost of tuition with the VA under the program—meaning that HLS will contribute approximately $21,000 per student—the University's other professional schools instead opted to commit $5,000 a veteran, according to Suzanne Day, Harvard's director of federal relations. Harvard...
...trial that started on June 15 in U.S. District Court in New York, AIG contends that the shares as well as over $4 billion in profits that Starr International has reaped from past AIG stock sales were meant to fund a long-standing deferred-compensation program for AIG employees - a program that Greenberg, 84, halted after his acrimonious ouster from AIG amid an accounting scandal...
...further darkened by newly released data from the Federal Reserve Bank of New York. The bank's Empire State Manufacturing Survey showed a sharp decline for May, reflecting further weakness in new orders. That news came on the heels of grim tidings from the head of the International Monetary Fund, which noted on June 15 that the worst phase of the global recession may be yet to come...
...political ties between Europe and six former Soviet states. Lukashenko's travel ban to Europe - issued after his 2006 re-election, which the U.S. and the E.U. maintain was rigged - has been lifted. And Belarus secured an additional $1 billion on a $2.4 billion loan from the International Monetary Fund (IMF) after Russia canceled its final $500 million installment. (See pictures of Russia celebrating Victory...