General Motors Corp., the largest U.S. automaker, will cut 10,000 salaried jobs globally and reduce pay for other U.S. white-collar workers by as much as 10 percent to slash costs and keep $13.4 billion in government loans.
About 3,400 of GM’s 29,500 U.S. salaried jobs will be cut by May 1, the company said. The Detroit-based automaker said in a statement it will cut pay temporarily by 10 percent for U.S. executives and by 3 percent to 7 percent for many other U.S. salaried employees. GM is reviewing salaried worker pay and benefits in other countries.
GM needs to accelerate cost-cutting plans after the automaker’s U.S. auto sales fell 49 percent in January. GM and Chrysler LLC must submit progress reports by Feb. 17 on their efforts to restructure their businesses, return to profit and repay $17.4 billion in U.S. loans by the end of 2011.
From Democracy Now -- Former Financial Regulator William Black: Occupy Wall Street a Counter to White-Collar Fraud:
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Organizers called for the reinstatement of the state's "Millionaire Tax," and ending subsidies for companies that don't actually create jobs. They called for Bloomberg to "make the banks pay":
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