GM expects 1,000 skilled trades workers and up to 1,000 production workers to take the exit packages. They would be replaced by laid-off workers and new hires who make the cheaper entry-level wage.
Shares of GM fell 43 cents, or 2 percent, to $20.76 in late-day trading as the broader markets declined. The shares have fallen 36 percent since GM’s initial public stock offering at $33 per share in November.
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Obama acts as though we no longer have a Constitution
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