*+-GM just announced it was laying of 21,000 more of its workers, as a means of assuring the Treasury Department the company is worthy of more bailout money. A Treasury official was quoted as saying approvingly that the goal is a “slimmed-down” GM. What? Having General Motors or Chrysler cut tens of thousands of jobs […]
*+-n 2008, approximately 1,484 CEOs left or were fired from their jobs. But most of them left with hefty severance packages or “Golden Parachutes” which softened the fall for so many of the executives responsible for the financial crisis. General Motors CEO Rick Wagoner stepped down under pressure from the White House. His Golden Parachute […]
*+-by Robert Reich — First prediction for 2009: A widening gap between the public’s view of the bailouts of Wall Street and Detroit, and the views of the direct beneficiaries. The public believes the bailouts will permanently change these industries, but industry insiders don’t really want to change.
*+-by Charley James — In the 1950s, “Engine” Charley Wilson – then chairman of General Motors – said “What’s good for GM is good for America.” We’re about to find out that the reverse is also true.