Business

Wide Eyes Open
by Milota Sidorova

Some might have expected more than the humility and the 'poor little rich girl' behavior from Big Three or three major American automakers coming to propose strategic plan to get federal money.
They've come to say they needed more than $25 billion.
However, the lack of dynamic and too much bleak talking around made the hearing little bit awkward.
They said absence of support would lead domestic production into the crush. General Motors Corp. asked for $12 billion from the government by the end if March and mentioned extra $6 billion if markets go wrong. And one might not be able to remember such amount.

Well, but what is GM planning to do? What is it we could call effective future perspective of American largest auto making company?


Representatives have promised restructure and finally, one can say it loudly & job cuts, in this case, so necessary. GM plans to cut off from 20,000 to 30,000 workers 1,750 dealer locations and to stop the production in nine plants. The production will focus on the very core brands including Chevrolet, GMC, Buick and Cadillac. However, there's been not a word about ecology and green technologies, so far. In fact, GM produces the most polluting vehicles in the world. How can one close his eyes in this point?

According Chief Operating Officer Fritz Henderson, there wasn't plan B.
You might be possibly asking for: 'what has happened with promised executives' reduction?'
What other actions are on the plan with the group earning more than $250,000 a year?
Personally it's been the greatest joke, I have ever heard. GM CEO Rick Wagoner said he would work for $1 per year and other executives would be also object of reduction.
Nice vision, indeed.

Getting the cash will, inevitably need more than Congressional support. It requires more than Presidential and President-elect support. It will need their action. Actually, now it's hardly to happen.

Hearings, leading to vote will continue during this week.


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related story: http://news.yahoo.com/s/ap/autos_gm_plan;_ylt=Anjd_BXnfAJJBRkXcE.KtA.s0NUE

by Milota Sidorova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

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edited by Beata Biskova

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posted by Blog TechSource @ 8:02 AM