Cash is getting so tight at General Motors (GM) that management has launched another wave of cost-cutting. The company is even scrutinizing the electricity bills.
Auto sales are in their worst slump in decades, resulting in a cash burn rate of about $1 billion a month at GM. The company is selling assets to raise money, but as the economic slump appears to be gaining traction, GM is now delaying new models, cutting benefits, laying off salaried ...
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Informative report about cutbacks at giant automaker General Motors. The article is factual and well-sourced, providing helpful context about a company in crisis. However, this report pales in comparison to today's New York Time's in-depth investigative piece, which tracks down the errors in judgment that led GM to the brink of bankruptcy (see related link: http://newstrust.net/stories/29018).
This is quality journalism, but for all the talk in the story of how close GM is to failing, I would have liked to see some context of what that would mean. How many jobs would be lost? What other economic repercussions would follow a GM bankruptcy? Things like that.
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