GM Plans to Cut 25,000 U.S. Jobs by 2008
General Motors Corp. Chief Executive Rick Wagoner addresses a joint press conference with leaders of three Japanese automakers, in Tokyo, Oct. 20, 2003. n the first five months of this 2005, GM investors have seen their shares tumble to the lowest price in more than a decade. They've seen the company's U.S. market share fall from 27 percent to 25.4 percent, its bond rating reduced to ``junk'' status and its losses top $1 billion in the first quarter. What they haven't seen, or heard, is a comprehensive plan to turn around the company's fortunes. And that's certainly what they'll hope to get Tuesday at GM's annual shareholders' meeting in Wilmington, Del. (AP Photo/Koji Sasahara)
YES INDEED! This is the trick to turn things around, for GM! They nearly made the tragic mistake instead of BUILDING A BETTER VEHICLE AND CHARGING LESS FOR IT! Whew! Can you imagine what that might have meant! Senior management would have had to admit that they'd been GREEDY and SHORTSIDED for the past three decades!
Instead, by merely cutting 25,000 jobs, no one really suffers.
This is the corporate mindset that makes America great!