Word: gm
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Dates: during 1990-1999
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...GM's sheer size, whatever you do can have some effect on the economy. You have admitted that before you announced your plans to lay off 74,000 employees and close an additional 21 plants, you consulted the White House and postponed your actions for nearly 10 months at its urging...
Under particular scrutiny, naturally, were the salaries and perks of the three U.S. auto-company chiefs -- Chrysler's Lee Iacocca, Ford's Harold Poling and GM's Robert Stempel -- all of whom accompanied the President to Tokyo. The three were paid a total of $7.3 million-plus in 1990, including more than $4 million in stock incentives...
...million, counting bonuses. Moreover, while the Japanese execs are presiding over thriving enterprises, the U.S. auto industry is coming off one of its worst years ever. Sales of American-made cars plunged 12.6%, to 8.7 million, in 1991; more than 40,000 autoworkers lost their jobs, and GM announced plans to eliminate 74,000 jobs by 1995; and the Big Three rolled up financial losses that analysts predict could exceed $6 billion...
...that many would become hot sellers. Detroit has not cared much about the Japanese market for the past 50 years, even though it is now the second largest in the world (52 million vehicles on the road, in contrast to 183 million in the U.S.). Says Edward Mertz, a GM vice president: "It really wasn't a priority...
...GM Cuts to the Bone...