Word: gm
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Dates: during 2000-2009
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Taking the lead in pricing up the market are the institutions most battered by the credit crisis and flagging economy. Among the companies offering the highest yields on CDs are GMAC, the financing arm of the carmaker GM; Corus, a Chicago bank that has lost substantial money on construction loans; Wachovia, the Charlotte, N.C., bank whose sale to Wells Fargo was brokered by regulators in October; and the bank affiliate of the insurance company AIG, which the Federal Government started bailing out in September...
...With GM and Chrysler nearly bankrupt, Harley Shaiken, a professor of labor relations at the University of California, Berkeley, says UAW President Ron Gettelfinger wants to do all he can to help the automakers, including changing the contract if necessary. But UAW leadership is also angling for a seat on GM's board of directors, according to a posting on the website of UAW Local 2404. (See pictures of the remains of Detroit...
...Intense opposition from ordinary union members also delayed for several months a settlement with the bankrupt Delphi Corp., the component maker spun off by GM. The tussle with the union contributed significantly to Delphi's inability to put together a plan to emerge from bankruptcy ahead of the credit crunch...
...Earlier this year, the UAW struck a key GM parts supplier, American Axle Holding Inc. in Detroit, for 83 days, when union leaders sensed they could not sell the proposed pay and benefit concessions to union members. The strike wound up costing GM, American Axle's key customer, more than $2 billion, according to the company's financial reports. The contract finally approved, though marginally better than the company's first proposal, still included wage cuts...
This means the really big decisions about the automakers' future will have to wait until Barack Obama takes over in January. But again, GM and Chrysler don't have that much time, so discussion Friday turned to the possibility of a bridge loan to get them through until the end of March. Under questioning from Pennsylvania Democrat Paul Kanjorski, Wagoner said GM needed $10 billion to survive that long, and Nardelli said Chrysler would need $4 billion. Ford could make it that far without any help, Mulally said...