GM Gives America the Tail Pipe
"GM says it must shrink drastically to survive; Company plans job cuts, closings" by Bill Vlasic and Nick Bunkley, New York Times | April 28, 2009
DETROIT - GM said it would eliminate an additional 21,000 factory jobs, close 13 plants, cut its vast network of 6,500 dealers almost in half, and shutter its Pontiac division. GM expects to have only 38,000 union workers and 34 factories in the United States, compared with 395,000 workers in more than 150 plants in 1970....
The PRICE of GLOBALIZATION that the alleged fixers of the economy who care about you created and sold by this same MSM. Which proves they can't "save" the "American" auto industry -- the PURPOSE of THIS PARTICULAR LOOTING, right?
GM appears to be earning government support. That might mean billions more in federal loans....
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WASHINGTON - With just two days left before a government-imposed restructuring deadline, Chrysler LLC took a step away from the brink of bankruptcy yesterday when its biggest lenders reached a deal with the Treasury Department to slash the automaker's debt....
The Treasury Department has been negotiating with a committee of the creditors, including the big banks Citigroup Inc., JPMorgan Chase & Co., Goldman Sachs Group Inc., and Morgan Stanley. The group also includes several smaller banks and some hedge funds. Messages seeking comment were left for representatives of the banks....
Even if the key deals fall into place, the automaker's complex restructuring still might require filing for bankruptcy protection. Chrysler cleared a major hurdle over the weekend by reaching a new deal with the UAW that would give the union a 55 percent stake in the company.
So the auto workers just bought a loser?
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