Quote:
Originally Posted by AGDee
I don't know how much people in other parts of the country care or follow this stuff, but it's causing a lot of anxiety around here. They have said on the news that for every GM employee laid off in Michigan, 10 jobs are lost in other industries (service, retail, etc.) The rumors last week was that they were going to get rid of Saab, Hummer, Pontiac, Buick and Saturn. The big announcement is at 8:30 this morning and Detroit is sitting on pins and needles. Our state is already such a mess. Personally, I'm hoping they don't get rid of Pontiac or Saturn because I've got my eye on one of each for my next car and I won't get the GM employee discount through my dad on them if they are no longer GM, but that's a relatively small dilemma compared to the number of people who could lose jobs...
More blight in Michigan, I'm afraid...
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A few more details on this:
GM to cut jobs, bonuses, and dividend
Moves will raise $15 billion in liquidity by end of 2009
July 15, 2008 - 8:45 am ET
DETROIT (Reuters) - General Motors said today it would cut salaried employment costs by 20 percent, sell up to $4 billion of assets and borrow at least $2 billion in a bid to bolster its liquidity by $15 billion through 2009.
GM CEO Rick Wagoner, speaking to employees before a 9 a.m. press conference, also said GM would suspend its common stock dividend in a restructuring driven by high fuel prices, a shift away from trucks and SUVs, and the lowest U.S. industrywide auto sales in a decade.
Wagoner also said GM would be allowed to wait until 2010 to make its first scheduled payment into the UAW's health care benefit trust fund for retirees. The establishment of the trust fund was a key part of the 2007 contract agreement with the union.
http://www.autonews.com/apps/pbcs.dl...t=emailblast02
https://home.autonews.com/clickshare...-tSdUl7ge/cU-0
http://www.msnbc.msn.com/id/25679520/