General Motors in crisis talks to cut 35,000 jobs

The Guardian ^ | March 21, 2006 | Richard Wray

[Adam-ondi-Ahman]

General Motors is trying to stave off the possibility of collapse by thrashing out a last-minute job reduction plan with its former subsidiary and now major parts supplier, Delphi, and the powerful United Auto Workers union.

The plan on the table is believed to involve offering up to 35,000 employees in both companies cash incentives of up to $35,000 (£20,000) to take early retirement.

...

[Adam-ondi-Ahman]

See link for the rest of the article.

From further down: "Ron Tadross, the Banc of America analyst who caused a stir at the time of Delphi's collapse when he said there was a 30% chance GM would also be brought down, now believes this is "more likely than not"."

[Pukin Dog]

Hey! This is perfect timing!

California is HIRING!

Soon, thousands of slots will be opening up from the Imperial Valley, all the way to Mexico!

Its the perfect opportunity for unskilled labor! Do you like the smell of strawberries? Does your mouth water for artichokes? Just bring your back-brace and sun-visor and apply today!

But don't wait, these jobs will be going, GOING, GONE!!!!

[SIRTRIS]

Well, sad to see all this happening! But as i recall one poster saying, GM now builds better healthcare & pension plans than cars !!

[Gay State Conservative]

Assuming that this story is accurate,I'd bet my last nickle that the UAW's position will be "let it sink"....because,after all,that's just the way Marxists are.

[Cobra64]

Unions just don't get it. They suck at the corporate teat to the point of killing the provider.

[ROLF of the HILL COUNTRY]

I'm no fan of modern labor unions, they get what they deserve. BUT, I want to see some LEADERSHIP from the CEOs for a change, starting with cutting their own compensation by at least 1 digit. These amoral executives actually think they deserve their multimillion dollar salaries and think nothing of receiving bonuses the same year they lay off thousands of their workers!
My solution: do away with minimum-wage laws; replace them with Maximum-wage (based on a multiple of the company's lowest paid worker salary) Law.

[dakine]

Pinko...

[nightdriver]

"But as i recall one poster saying, GM now builds better healthcare & pension plans than cars !!"

When has GM ever built really good quality vehicles?

They've been foisting stamped tinfoil junk on the public since I can remember, and I go WAY back!

They've been too arrogant for too long to get any sympathy from me.

[Chode]

GM is just a big HMO that happens to make cars on the side...

[jec41]

I liked my 55 Chevy

[The South Texan]

"But as i recall one poster saying, GM now builds better healthcare & pension plans than cars !!"

As Jim Crammer put it to paraphrase.

"Toyota and Honda build cars to create liftime customers." "GM and Ford just happen to make cars to pay for penisons and healthcare."

[keats5]

You're so right. How many people actually buy new cars anymore? I used to always buy new. Now it never even crosses my mind.

[Hardastarboard]

cutting their own compensation by at least 1 digit

I'll go you one better. I'll make it two digits. From $100 million to $99 million. See how easy that was?

[nightdriver]

"I liked my 55 Chevy"

Good for you!

I rather liked my old '50 Chevy pickup, too, but only because it would start in cold weather. Everything else fell apart on it.

[7mmMag@LeftCoast]

Unions aren't babies sucking on corporate "mom's" teat. They are giant leeches that drain the lifeblood from any "corporate" mammal.

The day the unions succeed in forcing Wal-Mart to accept their 'contract', will be the day that Wal-Mart begins its long, slow slide into bankruptcy. The same can be said for any company forced to be leeched upon by the unions.

[VeniVidiVici]

Why do the union members care what the CEO makes? They get paid for NOT working! Can't get much better than that.

[jec41]

I liked my 55 Chevy"

Good for you!

I rather liked my old '50 Chevy pickup, too, but only because it would start in cold weather. Everything else fell apart on it.

The first car I brought was a 50 Ford 3 months before my 14th birthday. I was 15 when I brought the 55 Chevy brand new.

[Tailback]

I'll be picking up my new Toyota Tacoma this Saturday. The wife's Honda Accord will be paid off in two months and I'll have plenty of money from my 94 Toyota 4X4 pickup (with it's great resale value) to put a large down payment on the new truck. (selling it to a co-worker tomorrow)

[staytrue]

All GM execs cut their pay by 50% at the same time they cut the dividend by 50%.

Delphi asked the unions to cut their pay 50%. FU was the union response and they are threatening a strike if the bankruptcy judge goes ahead with this.

[cherry]

"Why do the union members care what the CEO makes? They get paid for NOT working! Can't get much better than that."

and CEO's of defunct companies get millions in compensation even when their companies are down the tubes.....they take millions just to leave....

but harp on the little guys....that'll do it....