Hate to say where have you been but they have been talking about this for a while. GM is losing a little over 1 billion a month, Chrysler a little over 1 billion a quarter. Maybe if they merge they can lose money at twice that rate.
As for the job loss, it's roughly 35,000 that will be lost directly through the merger of the two companies, plus they figure another 50,000 jobs lost through the suppliers and outside contractors.
This has been in the works for a while, if you remember back over the summer GM tried selling it’s medium duty truck line off to Navistar. That got blocked by the government on anti-trust issues with lack of competition. If that would have went through, there would be no stopping the merger.
Either way, GM is going to need a loan to buy Chrysler, or they will need a loan to stay afloat, like Chrysler did in the early 80's.
As far as where did the profits go? Same place that put the Dodge brothers in a world of hurt back around the 20's if I remember correctly. Too many dividends, bonuses and payouts. History tends to repeat itself.
This post was edited by HeyPigFarmer at 11:03:23 11/03/08.
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