Delphi Chooses “Tough” Love

Delphi made its decision today that could bring on a strike and idle GM.

…today, there are reports that the Company is planning to (i) close 21 of 29 plants, (ii) dismiss 8,500 salaried workers, (iii) cut the hourly wages of some 35,000 workers, and (iv) ask a judge permission to void its legal obligations to workers.

Bill Cara is unhappy with the Delphi/GM state of affairs. More power to him for his anger.

At what point, in grasping for the bottom of the economic barrel, do U.S. legislators come to the realization that America needs to legally restructure defined benefit pension plans, corporate bankruptcy, executive compensation, ‘private capital’ regulation, and on and on.

Delphi GM Finance

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