Word: slashed
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...which is burning $2 billion a month, requested $18 billion in loans and credit lines - $4 billion for December. For that money, it will slash the number of plants it runs, the number of brands it makes and the number of dealers who sell them. It proposed cutting its hourly manufacturing costs in half. CEO Rick Wagoner agreed to work for $1 a year. GM's business is going down fast because consumers are already shying away from a potentially bankrupt company - which is part of GM's argument for immediate funding...
...essence, is a last-chance opportunity. If Congress provides cover, the Detroit Three can try to rescale their manufacturing capacity to their respective market shares - or even below. GM, for instance, has lost 7 market-share points, falling to 22%, in the past 10 years. It plans to slash costs by an additional $7 billion by 2012. "It's all about survival," says Van Conway of Conway MacKenzie & Dunleavy, a crisis-management and turnaround firm in Birmingham, Mich...
...many city managers, it's easier to justify tacking a few fresh dollars onto locals' real estate tax bills than to try and slash the padding on a fireman's health insurance plan. City workers may pay 10% to 20% of a health plan's cost, compared with 30% in the private sector, but you win few local fans when you boost the burden on a teacher or policeman to prettify the municipal bottom line...
...what's the band been doing? Breaking up mostly. The current lineup has just one original member, Axl Rose. The rest, including guitar savant Slash, departed years ago, presumably too intrigued by the Internet and other human advances to stay locked up in a recording studio with their famously controlling singer. Rose, once as blond and lithe as a stalk of wheat, has suffered the pudgification of middle age and burned through a reported $14 million in production costs, making Chinese Democracy the most expensive record in history. But given the cruelty with which pop culture devours its celebrity eccentrics...
...Saw” is no grindhouse B-movie slash-a-thon, either. It all comes back to integrity: The films don’t need all of that money, and their creators know it. True, the budgets have gone up since the original, but so has inflation, and they haven’t risen at the rate of, say, the “Hostel” franchise, which more than doubled its budget from one to two, even though the sequel brought in less than half the cash of the original...