Word: gm
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Dates: during 2000-2009
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General Motors' recent 10-Q financial report, filed with the Securities and Exchange Commission, details the company's slide toward insolvency, indicating GM had only $16.9 billion in ready cash reserves in place as of Sept. 30. Buried in the same voluminous report is a note indicating that GM has tucked away another $13.5 billion, in trust, to pay for health care for current and future blue-collar retirees covered by labor contracts with the United Auto Workers...
...GM spokeswoman Renee Rashid-Merem says the money is kept separate from the company's cash reserves under an agreement approved by the U.S. District Court in Detroit, which resulted from a "friendly" lawsuit that was part of the process that created the trust. The money can't be used for anything other than retiree health care. "We can't access it," she says...
Failure for General Motors would be a national disaster, as Bill Saporito points out [Nov. 24]. What should GM do in the meantime? Get out and sell its vehicles. I have rented GM compact cars for the past 20 years and find them to be of excellent quality. GM salespeople need to get out of their cushy showrooms and offer to take people out for a demo ride and lunch at the deli. The company could win by a landslide. Perry Munson, GROSSE POINTE, MICH...
...disastrous experience. At a contentious panel Wednesday in the House Banking Committee, all three, after being repeatedly reproached for flying separate corporate jets to Washington to beg for money, refused to pledge that they would fly home on commercial planes or sell the company jets. Two of the three - GM's Richard Wagoner and Ford's Alan Mulally, who last year made a combined $37.4 million - also refused to give up their annual salaries. All the while, the trio, rounded out by Chrysler CEO Robert Nardelli, proclaimed their innocence for the mess their companies are in, laying the blame largely...
...their incompetence, the automakers reacted to the proposal with cautious optimism. "We appreciate the Congress's recognition of the auto industry's vital contribution to the nation's economic strength and national security. We intend to deliver a plan to Congress that shows them a viable General Motors," said GM spokesman Greg Martin. "We agree completely that there must be accountability to U.S. taxpayers for government support that enables automakers to continue their restructuring and to ensure a stronger, more competitive auto industry." For its part, Ford, which is the strongest of the Big Three and, many believe, capable...