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Bad Sign/News: Chrysler Slashed Another 25% of the White-Collar Workforce

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Old Oct 24, 2008 | 08:41 PM
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Exclamation Bad Sign/News: Chrysler Slashed Another 25% of the White-Collar Workforce

I read this information off of InsideLine.com so i didn't make this up, i'm just being the bearer of bad news. "AUBURN HILLS, Michigan — Hammered by plummeting vehicle sales, a rising tide of red ink and a deepening global recession, Chrysler on Friday said it would slash its already thin white-collar workforce by another 25 percent. The job cuts are expected to affect more than 4,000 salaried employees.
Meanwhile, Chrysler's parent, the private-equity group Cerberus, continued its frantic search for a buyer, a day after the latest financial report from minority owner Daimler AG indicated that Chrysler has lost hundreds of millions of dollars this year." This recession couldn't have come at a worse time. I fear that one of the three will fall after it's all said and done. For those who don't want to see a GM-Chrysler merger, here's some good news for you i guess: "....Wall Street analysts are saying that Cerberus' well-documented negotiations with General Motors to take over Chrysler are likely to fall short of the mark, with critics insisting that a GM-Chrysler merger makes little or no financial sense for investors or for the companies."

Let us hope this is the worst it shall get.
 
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