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G.M. Suspends Dividend and Plans More Layoffs »

Posted by: TechnologyExpert 1 month, 3 weeks ago

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General Motors said Tuesday that it would reduce labor costs for salaried workers by 20 percent, eliminate its quarterly dividend and further reduce truck production to ensure that it has enough cash to finance its turnaround for at least two more years.

Read Full Story at nytimes.com

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    Harbeas1 month, 3 weeks ago

    What a bunch of crap. They are suspending dividends, why can't they suspend the health care coverage for the 65 and over? when business picks up reinstate it. Who do you think will benefit from this once they turn things around? The executives with increased bonuses and pay. It seems these guys at the helm of large corporations have absolutley no social conscience. While it is true if you are over 65 you are covered by medicare for many things(by no means is everything covered). But what about your wife and kids. They now have no coverage at all. This problem did not exist when businessmen ran the corporations. Today it seems wall street runs them. Who appointed these wall street gurus as the final authority in running a business? Is it a given that we have to please wall street? By pleasing these guys an awful lot of people no longer have jobs and will not be able to afford the products they once helped to build. Somebody better take a good long look at this situation.

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      Harbeas1 month, 3 weeks ago

      I agree with you gbilly08. These executives should have been fired years ago. Most execs care only about the bottom line and their bonuses. If they would have concentrated on building great cars instead of making money(Roger Smiths stupid comment) they wouldn't be in this mess now. What they just can't seem to fathom is by doing what they are doing they are destroying the very customer base they so sorely need. How many retirees are going to buy GM vehicles and how many are going to recommend GM cars to their friends and neighbors, not very many! Wake up GM and quit letting wall street run your company.

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        nikkibabe1 month, 3 weeks ago

        Here are 2 quotes of the day:

        Bush: "The Economy Is Growing. Productivity Is High. Trade's Up. People Are Working"...

        Bernanke: Economy Facing "Numerous Difficulties"... Will Grow "Appreciably Below Its Trend Rate"...

        With these morons, what else do you expect after 8 years!

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          sanyi_oradea1 month, 3 weeks ago

          A cat very much like me, who worked at Ashland Electric motor manufacturer in Brooklyn, NY invented

          the system of using brushless motors in pulse width modulated mode. Once his supervisors had seen the invention, tried to force him to sign a non disclosure agreement, he refused and was harassed out of there.

          Not long afterward, General Motors announced that they are using the system in their electric car, and obtained efficiencies close to 100 %. It was a lie, but people who steal inventions, don't hesitate to do that.

          The engineer was unemployed for years after that, and vicious campaigns started to discredit him, so no one would believe that he invented it.

          He does have however another drastic invention, that will make possible to make motors at 95-98 % efficiency for sure, but until he is paid for every invention stolen from him there, this method will die with him, will never be disclosed. He asked me to express his "thanks" to all involved.

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          I am Editor-in-Chief at Alice Hill's RealTechNews (http://www.realtechnews.com). I also have my own blog (Tech-Ex) at http://TechnologyExpert.Blogspot.com. Finally ...

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