Word: gm
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...agreement with Ford does not automatically resolve the ongoing negotiations that labor is having with the managements of GM and Chrysler, but it does establish a prototype that could be used, and it signals the UAW's new willingness to compromise on this issue. "The modifications will protect jobs for UAW members by ensuring the long-term viability of the company," said UAW President Ron Gettelfinger...
...divide the American consumer into thirds. There are a third of us who are in immediate danger of being downwardly mobile. And this stretches across all classes. It's the hedge fund manager who lost his job, and was making a healthy seven figures. It's the GM retiree whose middle class benefits are being cut. So it's a spectrum of people who have basically slammed their wallets shut. And that effect is not only on luxury, it's on basics, it's on everything...
...fate of Detroit will probably be determined next month. GM (GM) and Chrysler submit their restructuring plans to the Treasury and Congress. The UAW and creditors have not given enough in terms of concessions so far to make the government comfortable. If the GM plan is approved, 47,000 people lose jobs. If the plan is not, the number could be much larger. A bankruptcy of America's largest car company could not only lead to huge increases in the number of people out of work; it could leave a gaping hole in the confidence people have in the government...
...Detroit More $$$, Please General Motors and Chrysler submitted restructuring reports to the Treasury on Feb. 17, asking the Federal Government for $14 billion in further emergency loans, bringing the total amount that the Detroit automakers have requested to $39 billion. GM says it needs $12 billion more to avoid bankruptcy and announced plans to lay off 47,000 employees and sell or phase out three of its marques--Saturn, Hummer and Saab--and reduce Pontiac to a "highly focused niche brand." Chrysler has asked for $5 billion and plans to cut 3,000 jobs...
...Administration knows that it has to save GM as part of steadying the economy, but it has put itself into a policy position where killing some jobs is the excuse for saving others...