Word: gm
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...place has felt the pain of General Motors' collapse quite as completely as Flint, Mich., which is about an hour's drive north of Detroit. Back in the early 1970s, GM had as many as 80,000 employees around Flint, making it one of the premier company towns in the U.S. But as GM's fortunes have fallen, so have those of Flint. GM is still the largest employer in town by far, but its Flint payroll has dropped to fewer than 8,000. Meanwhile, the Genesee County Land Bank owns more than 4,000 vacant residential properties...
...Flint's new mayor, Dayne Walling, says the city is proud of its historical connection to GM. But it is looking for ways to diversify its economic base, revive the downtown areas and bring down the crime rate, which also has blighted the community's reputation. "We have some major challenges," he says...
...Thus, GM's $230 million investment in four factories around Flint, to prepare for the start of production for the innovative Chevrolet Volt, represents an important ray of hope for the hard-pressed Flint community. "These four GM manufacturing plants have a key role in GM's production of the next generation of fuel-efficient vehicles, the Chevrolet Volt and Cruze," says Larry Zahner, GM manufacturing manager. (Read a brief history of the electric...
...There was a lot of uncertainty as we went through the bankruptcy," notes James Scrimger, an employee in GM's Flint Die Center, which is one of the locations in Flint where GM is spending money on the Volt and other projects. The Flint Die Center, for example, has also been assigned a role in the new GM, building tools for GM's stamping plants. "Thing are starting to look up," adds another employee at the center...
...Rogers believes some eternal truths: that even God-fearing politicians lie about their intentions, and that governments will steal from you. "Think it won't happen here?" he asks. "Just look what they did to GM bondholders...