AFSCME 3357-HOF'S BLOG

GM to cut 25,000 Jobs - Close Plants - By 2008

CEO Rick Wagoner told shareholders at the annual meeting that the job cuts would generate annual savings of $2.5 Billion. My questions:

1) Is that enough? The loss in the first quarter was $1.1 Billion, by my calculation, they're still $1.9 Billion short.

2) How much capital will they have to shell out to buy out these workers? Where's the money going to come from?

3) Could ABC News have picked a worse picture of Mr. Wagoner?

ABC News: GM Plans to Cut 25,000 U.S. Jobs by 2008