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Wednesday, February 08, 2006

GM Cuts Hit High, No Profit Sharing for Ford, GM Workers

The Detroit papers have extensive coverage today regarding more bad news from the auto industry. The Freep reports that for the first time in four years, Ford and General Motors union workers won't be getting annual profit-sharing checks. The Detroit News reports that GM made unprecedented sacrifices expected to assuage the UAW leaders, cutting its dividend in half, capping health care benefits for salaried retirees, and slashing the pay of Chairman Rick Wagoner and other top executives and directors.

Read GM SPREADS PAIN: Cuts pinch shareholders, retirees, execs and raise pressure on UAW for givebacks in the Detroit News (the photo of GM CEO Rick Wagoner speaks volumes)
Also see Autoworkers take more hits in the Freep

Read More (external link) »

# posted by farlane @ 8:42 AM
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