Sunday, February 17, 2008

GM Posts Largest-Ever $38.7B Annual Loss, Offers Buyouts to 74,000 Workers

2/12/08 DETROIT — General Motors Corp. reported a $38.7 billion loss for 2007 on Tuesday, the largest annual loss ever for an automotive company, and said it is making a new round of buyout offers to U.S. hourly workers in hopes of replacing some of them with lower-paid help.
The earnings report and buyout offer came as GM struggles to turn around its North American business as the economy weakens.,2933,330393,00.html


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