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Strategies & Market Trends : Aardvark Adventures

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To: ~digs who wrote (1686)	10/16/2005 7:19:56 PM
From: ~digs	Read Replies (1) of 7944

Steve Miller, CEO of the newly bankrupt Delphi Corp., warns that his company's descent could become the tipping point for not just the fall of Detroit, but for all of industrial America. "What's happening at Delphi is just a small part of a huge national problem," Miller tells Newsweek in the October 24 issue. "This is our country's dilemma as we talk about Medicare and Social Security." Since Miller arrived in Detroit this summer to save General Motors spin- off Delphi, the feared and revered corporate fireman is loudly proclaiming an uncomfortable truth: Detroit, the last bastion of blue-collar affluence, is collapsing under the weight of pension and health care costs, reports Detroit Bureau Chief Keith Naughton. Now if Miller can't convince the powerful United Auto Workers to take a two-thirds compensation cut, money-losing GM and Ford have little hope of getting desperately needed concessions. "If they can't modify their labor contracts," says Miller, "Ford and GM are very much at risk of spiraling down into an ultimate bankruptcy." biz.yahoo.com

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