Liveblogging the Senate bailout hearing for automakers
We’ll be liveblogging the Senate hearings on the bailout of the big three American automakers. We’ll sift through the oft-dull C-Span coverage so you don’t have to. Follow along after the jump.
GM
All the bad news about GM:
GM to axe more workers…
General Motors will be laying off 3,600 — just days after it announced that its October sales were down 50% from the year before. It is looking more and more likely that the company will merge with Chrysler and succeed at getting money from the goverment. Of the 3,600 total cuts, 500 will be axed in Canada and the rest from the United States.
[CTV] Losses force GM to slash 3,600 jobs in Canada, U.S.
GM’s October sales down nearly 50%
If you think Ford’s numbers were bad, take a look at the other idiots in Detroit. General Motors’ U.S. auto sales were down a sharp 45% for October. The company only sold an embarrassing 170,585 vehicles throughout the entire U.S. That’s nothing a loan and a merger can’t fix, right?
[Reuters] GM U.S. auto sales down 45 percent
GM and Chrysler ask Uncle Sam for $10 billion to help merger
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
GM reduces white-collars by 15%
General Motors employees are jumping at the opportunity to take contract buyouts rather than get sacked. So far, the company has exceeded its goal of cutting salaried employees by 5,000. As the icing on the cake, they’re also cutting some employee benefits — we’re not sure which ones. Anyone have the info on this? spread the love.
[Detroit News] GM to cut salaried jobs, reduce benefits
Starcom MediaVest sacks 150 employees
Starcom MediaVest, a large media buyer, has announced that it will be slashing 150 jobs by the end of the year. The company is in the shitty position of being the buyer for beleaguered GM — so its main source of income is drying up quickly.
The Wall Street Journal: Ad Firms, Already Lean, Are Cutting Their Payrolls
GM says au revoir to French Factory
General Motors is trying to unload a manufacturing plant in Strasbourg, France as the company begins to sell its Hummer brand to anyone dumb enough to buy it. This is all part of GM’s grand scheme to “remain competitive in the marketplace” by manufacturing fewer cars.
GM maxes out its credit for $3.5 bil. more to burn
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
Cadence innovates its way into bankruptcy
Cadence Innovation, an oddly-named auto-supplier, has filed for Chapter 11. The company had 4,000 employees worldwide and was in the unfortunate position of having G.M. and Chrysler as its top customers. The company will now attempt to liquidate its assets in bankruptcy.
So long, Cadence.
GM recalls 944,000 cars because windshield wipers could cause a fire?
The automaker voted most likely to fail by IdiotInc, General Motors, is recalling nearly one million cars because of a defect in its windshield-wiper fluid system. Fortunately, according to a GM PR mouthpiece, there have only been three fires so far.
Here are a list of the models being recalled:
2008 Buick Enclave, 2006-2008 Buick Lucerne, 2006-2008 Cadillac DTS, 2007-2008 Cadillac Escalade, 2007-2008 Cadillac Escalade ESV, 2007-2008 Cadillac Escalade EXT, 2007-2008 Chevrolet Avalanche, Silverado, Tahoe and Suburban, 2007-2008 GMC Acadia, Sierra, Yukon and Yukon XL, 2006-2008 Hummer H2 and 2007-2008 Saturn Outlook.
Source: The Houston Chronicle
G.M. Internal memo from CEO Rick Wagoner
On June 27th, General Motors CEO Rick Wagoner reportedly sent out this memo to managers and executives. It discusses some plans for the automaker, but he completely avoids the real issues facing the company. Like the fact that they’re considering laying off thousands more people…
GM sucks and Rick Wagoner is a douchebag
This article is filled with tidbits, but the worst part discusses how the CEO of General Motors (Rick Wagoner) has had a nice pay-boost this year. Rick-the-dick has gotten a 64% boost in compensation during the same year his company lost nearly $40 billion and closed four factories.
GM closes Canadian plant and runs over 2,600 employees
Next year General Motors will close an Ontario plant and lay off 2,600 employees. According to a Montreal Gazette article the Canadian Autoworkers Union have “blockaded” GM headquarters.
