24/7 Wall St.
06-26-2008, 07:40 AM
24/7 Wall St. Daily News
Three years ago, rating firms like Moody's were talking about the chances that one of the "Big Three" automakers might have to file Chapter 11. That seems like a long time ago. The cause for concern at that point was the cost base at domestic car companies. Employment, retirement, and pension expenses were way too high. Detroit did a good job of solving that problem. It has cut billions of dollars from operating costs by squeezing suppliers, operating more efficient plants, and firing tens of thousands of people. Its new UAW agreements allowed the companies to drop expenses further. The...http://feeds.feedburner.com/~f/typepad/RyNm?i=6H2DNI</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=6H2DNI) http://feeds.feedburner.com/~f/typepad/RyNm?i=dxY63I</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=dxY63I) http://feeds.feedburner.com/~f/typepad/RyNm?i=x5w6qi</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=x5w6qi)
complete story here... (http://www.247wallst.com/2008/06/the-word-defaul.html)
Three years ago, rating firms like Moody's were talking about the chances that one of the "Big Three" automakers might have to file Chapter 11. That seems like a long time ago. The cause for concern at that point was the cost base at domestic car companies. Employment, retirement, and pension expenses were way too high. Detroit did a good job of solving that problem. It has cut billions of dollars from operating costs by squeezing suppliers, operating more efficient plants, and firing tens of thousands of people. Its new UAW agreements allowed the companies to drop expenses further. The...http://feeds.feedburner.com/~f/typepad/RyNm?i=6H2DNI</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=6H2DNI) http://feeds.feedburner.com/~f/typepad/RyNm?i=dxY63I</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=dxY63I) http://feeds.feedburner.com/~f/typepad/RyNm?i=x5w6qi</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=x5w6qi)
complete story here... (http://www.247wallst.com/2008/06/the-word-defaul.html)