Ford will give up its controlling stake in Mazda by selling 20% of the Japanese automaker for $450 million. The company is in desperate need for cash after its October sales dropped by 30%. Two Ford members will get the boot from Mazda’s board of directors, but the operations of the two companies will likely continue to be cooperative in the short-term.

A cowardly anonymous analyst had this to say about the deal:

“From a strategic perspective there’s not much change, but it was a desperate move by Ford, selling at this low price, and Mazda had no choice but to buy back part of it because they couldn’t find enough buyers.”

[Reuters] Ford abandons Mazda control with 20 percent stake sale

Credit card company Bank holding company American Express is asking Uncle Sam for a $3.5 billion dollar slice of the bailout pie. The company’s third-quarter profit fell 25% to just shy of $1 billion — must be really tough for them. There has been no word on what Amex’s chances of getting taxpayer cash are, but it would be pretty asinine to start giving companies that turn a profit bailouts. Especially companies that were a large part of the problem…

[Yahoo Finance] Ahead of the Bell: American Express seeks $3.5B

One week ago, the 75 employees of bluetooth headset maker Aliph were told to pack up their workspaces in preparation for $500,000 in expensive office furniture that the company’s CEO, Hosain Rahman, had ordered. One-third of these employees were never allowed to unpack their belongings — they had been laid off and given just two weeks severance.

In addition to the high-end office furniture, Rahman commissioned an up-and-coming artist (Tucker Nichols) to paint a mural for an undisclosed amount of cash. I wonder if Aliph will get something as poignant as this:

[PEHub] Can You Hear Me Now? Jawbone Maker Proves Tone-Deaf in Tough Times

Circuit City will be closing 20% of its 700 stores by the end of the year. The move comes a few weeks before the holiday season begins — a season that will be crucial for the ailing electronics retailer. The closing stores have brought in $1.4 billion in net sales for 2008, but have likely been a drain on the bottom line. Store closing sales will begin Wednesday so go pick up some junk.

[Yahoo Finance] Circuit City closing 155 stores

The largest magazine company in the world is going to axe 600 employees (6% of its workforce). Time Inc is a division of Time Warner and the publisher of dumbed-down rags like: Fortune, People, and the sycophant suck-fest Entertainment Weekly.

Know what the worst thing about these layoffs is? Time Inc. is profitable! These employees are not being let go because they aren’t making money — they are –these people are being fired simply because the higher-ups at Time Warner think they aren’t making enough money. So profitability will rise at Time Inc, but quality will go down… Is this good management?

[The New York Times] Time Inc. Plans About 600 Layoffs

General Motors and Chrysler have asked the U.S. government for a briefcase filled with money to help the sub-par, struggling automakers complete a merger to form one large mediocre company. In exchange for the bailout, the taxpayers would get $3 billion of preferred stock in the new company. Rad. What would employees get out of all this? Probably layoffs as the new company would be under pressure to cut costs quickly.

[CNBC] GM, Chrysler Ask for $10 Billion to Aid Merger

Chrysler has announced that it will be running over 1,825 employees when it “temporarily” exits the hybrid and large SUV markets. Yes you read that correctly — Chrysler is actually ceasing production of hybrids until 2010. There’s some forward thinking for you.

[Detroit News] Chrysler cutting 1,825 jobs with moves at 2 plants

Rumor has it that Circuit City is planning on shuttering up to 20% of its stores nationwide. You know the company is fucked because this news has sent the stock higher than its been in weeks. The company has said that this will hopefully enable it to avoid bankruptcy. That’s a fighting spirit for ya.

“At the end of the day, clear your desk of nearly everything” scolds Johan de Mysschen, an executive vice president of Audi, “we want to create a sophisticated atmosphere.” The automaker just moved into a new crib in Herndon, Virginia, and its EVP is micromanaging workspace and organizational aesthetics. De Nysschen told CNN Money that his policy is intended to make Audi’s offices more presentable to guests — maybe he’s expecting his mother to pop in for a surprise visit.

CNN Money: Audi’s clean desk fetish

Investor advisement group The Glass Lewis & Company has named Sprint executives “the most overpaid in corporate America” for 2007. Sprint bosses were awarded $74 million even though the company posted a staggering $27 billion in losses. Executive compensation like this could be the reason the company axed 4,000 jobs last January.

Read more: The Register

Apparently a 25% increase in base-pay and a $2 million dollar bonus. Big round of applause for Neil Smit! Interested investors should visit Charter’s website.

Get the details here.

Circuit City is ponying up a nice chunk of cash for departing CEO Philip Schoonover. The board was so displeased with his performance at the troubled Best-Buy competitor that it would rather pay his full year’s salary and a few more in benefits than keep him at the helm. At Circuit City, “involuntary termination without cause” is morse-code for a helluva payday. Congrats, Phil.

Get the full details from Yahoo Finance

Idiot Inc. poster-child General Motors has drawn down $3.5 billion from its revolving credit facility so that it will “have more liquidity while capital markets are under pressure.” So GM’s response to the credit crunch is to increase the company’s debt to over $45 billion. Brilliant.

Press release: Yahoo Finance

According to a TechCrunch article, in addition to laying off employees, eBay has now hired Deutsche Bank to help it unload StumbleUpon. eBay bought the time-killer site last year for $75 million — there’s no word yet on the asking price or who is interested in buying.

Rather than handing the sale off to bankers in gray suits, why wouldn’t they put the company up for auction as a PR move? Oh right, because eBay auctions suck now.

An analyst at the recently-hitched Merrill Lynch is shopping the rumor that WaMu’s board is desperate to find a merger partner. The pressure has apparently reached a breaking point since America’s largest savings & loan was downgraded to junk-bond status a few days ago. If the company is bought, it’s likely that the price would be at a heavy discount; nowhere near the 52-week WaMu high of $39.25.