General Motors Corporation To Announce Further Restructuring Steps-Complete Story
Monday, 14 Jul 2008 04:00pm EDT
Reuters reported that General Motors Corporation is set to announce further steps to cut costs in the face of slumping sales. The Company said it would detail what it is doing to align its operations to current market conditions. The cost-cutting will include widespread job cuts for white-collar workers, including engineers assigned to now-frozen efforts to develop GM’s next generation of full-size SUVs and pickup trucks. In addition, the Company is expected to detail steps to conserve cash – including possibly eliminating dividend payments – as it prepares to raise capital to carry it into 2010 when it will begin to capture large savings from a contract reached last year with the United Auto Workers union.
Hm. Not that misteroman ever knows what he’s doing with money, the poor broke bastard, but it sounds like now might be a good time to buy and hold for a couple of years…