NEW YORK (CNN/Money) - General Motors Corp. is cutting 25,000 jobs and closing an unspecified number of plants over the next 3-1/2 years, CEO Rick Wagoner told shareholders Tuesday, as the world's largest automaker struggles to stem huge losses.
Wagoner, who is also chairman of GM, did not offer more details other than to say the troubled automaker needs to cut capacity by the end of 2008. GM, which has lost $1.1 billion in the first quarter, is facing its worst financial crisis in more than a decade.
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The best part about this whole debacle is that this Wagoner asshole blamed GM's inability to compete on the high cost of health care that gets folded into each and every car that they make.
That's fucking funny. Health Care. Right.
Not the fact that GM built Hummers and Escalades as fast as America's fattest assholes could jump into them and drive off to the exurbs without ever thinking about what would happen if gas prices ever rose. Because, I mean, it's only a limited natural resource that comes out of the ground in the world's most unstable trouble zones. Who would ever think that something would happen to make the supply fluctuate? To think that far ahead you'd have to get paid a lot more than the $2.2m salary and $2.46m bonus(!) poor Mr. Wagoner got lot year.
I'm old enough to remember when Clinton tried to do something about U.S. health care and the large corporations paraded a lot of CEOs just like Rick Wagoner squealing and crying that there was nothing wrong with the current system and that changing it would cost America jobs.
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