This week 32,000 jobs hit the chopping block

[UpInArms]

Source: Forbes

The layoffs keep coming.

Here, highlights of the week's activity recorded by the Forbes.com Layoff Tracker, which counts the layoffs at the nation's 500 largest corporations.

Emerson Electric Co. (nyse: EMR - news - people ) had a workforce of 141,000 last October. It plans to get down to 120,000 by the end of this September--about a 15% cut. Part of that is a 14,000 worker layoff announced Monday. That was the largest cut of the week.

Emerson has been struggling with weak appliance sales. Its stock is down 40% over the last 12 months, and the company posted a 19% drop in profit for its first fiscal quarter this year. Even Emerson's top executives are taking pay cuts, between 3% and 7%.

General Motors (nyse: GM - news - people ) announced the second-largest layoff of the week at 10,000. The move is part of restructuring the automaker is instituting as it tries to qualify for federal bailout money and avoid having to file for Chapter 11 bankruptcy.

Roughly a third of GM's layoffs will happen in the U.S., and pay cuts and freezes will further reduce the company's spending. The deadline for submitting a viability plan to federal officials is Feb. 17.

Read more: http://www.forbes.com/2009/02/13/layoff-unemployment-jobs-leadership-careers_0213_tracker.html?partner=alerts

[Left Coast2020]

1. Here is a great idea!!!!!

http://www.examiner.com/x-2071-DC-Special-Interests-Examiner~y2009m2d12-Executive-pay-limits-arent-enough-put-up-personal-property-as-collateral-or-resign?cid=examiner-email

PUT THEIR PROPERTY UP AS COLLATERAL!

The limits the Obama administration placed on executive pay have no impact on companies already receiving bailout money. Since they only apply to future recipients CEO’s such as Bank of America’s Ken Lewis can continue to spend lavishly while cutting back on worker pay and benefits without consequence. In other words the rule’s good intentions have no practicable effect on the present situation.

Is the bailout money a loan, is it an investment, or is it a gift? In the early days of the corporate TARP era the American people were assured their investment would be repaid and in the end turn a profit for the U.S. Treasury. What are the consequences if it doesn’t? There remains a fundamental lack of accountability and consequences for CEO’s and other high dollar executives.

It’s time to correct that and impose the kind of consequences the average American faces. Today one out of 466 Americans 274,399 in January alone, face foreclosure and hundreds of thousands more fear foreclosure. That’s because when they received money from a financial institution to fund their mortgages they agreed to consequences if they didn’t pay. If CEO’s believe they can steer the corporate ship on the right course let them prove it. It’s time to demand that CEO’s and corporate high dollar executives place their personal property as collateral for the bailout money or resign.

If they lack confidence in their ability to lead after taking so much cash out of the company while refusing to pay a living wage and provide benefits to their workers they should be replaced. This isn’t about payback; we know vigilante justice leaves us all in peril. It’s about taking seriously the obligations that come with accepting assistance. The average taxpayer understands this; the average low income worker who may receive some sort of assistance understands this and its time for corporate America to understand. The Golden Rule during the last eight years has been, “he who has the gold makes the rules.” It’s time to do unto others as we have done unto us.

:nuke:

[The Brethren]

2. Yes, they just keep on a coming.......

One company after the other is either closing or down-sizing meanign loss of jobs. And I don't expect that situation to end any time soon.



Full text of the Stimulus Plan ("American Recovery and Reinvestment Act of 2009"): Orig. House version -- http://appropriations.house.gov/pdf/RecoveryBill01-15-09.pdf , House spreadsheet -- http://spreadsheets.google.com/ccc?key=pV-c6t5fOVmNorqMpHvnCMw ; Senate version -- http://appropriations.senate.gov/News/2009_02_02_The_American_Recovery_and_Reinvestment_Act_of_2009.pdf ; and Senate compromise -- http://www.govtrack.us/congress/billtext.xpd?bill=h111-1 , Text and $$$ details of Senate compromise -- http://appropriations.senate.gov/News/2009_02_08_UPDATED_Appropriations_Provisions_of_American_Recovery_and_Reinvestment_Act.pdf?CFID=4043629&CFTOKEN=40573040 in addition to -- http://readthestimulus.org/amdth1.pdf ; along with -- http://www.readthestimulus.org/ .

[JDPriestly]

3. So, what is the final version?

[The Brethren]

5. Good question.

I haven't found the final version -- the one passed by Congress on Friday that was sent to Obama to sign or not. Am keeping an eye open for it and will add it when I find it.

The links I've already added is the original House version and the changes from the Senate on for anyone interested in reading them. I'm putting these out there for others to see for themselves what was proposed and it's changes thus far. I also added fiscal/spreadsheet links to help actually see where taxpayers' monies are expected to go.

Btw, after looking over these versions over (and these are huge bills in total pages), and from what I've been seeing in the new, the final version appears to be similar in it's overall structure and allocation, in my opinion this is not a "stimulus" bill. This should be called the "everything-including-the-kitchen-sink bill". Another giant size pork/special interest/pet project bill that our politicians made sure also includes a large amount of money going to "stabilize" our government. Which is what our government's annual fiscal budget is suppose to be for. They've made sure to cover their arses. To matters even worse, our year has just begun. I'm wondering "what next" from our government's budget that they're planning on allocating for in the total of billions or more?

It's the same old politics as usual except things are a lot worse. And now economist are talking about after this bill goes through that it will cause a hyperinflation and a further reduction in our dollar's value. No matter what the final version ends being who all the recipient's are and amounts given away....as far as I'm concerned, we're screwed for a long time.



The Stimulus Plan ("American Recovery and Reinvestment Act of 2009"): Orig. House version -- http://appropriations.house.gov/pdf/RecoveryBill01-15-09.pdf , House spreadsheet -- http://spreadsheets.google.com/ccc?key=pV-c6t5fOVmNorqMpHvnCMw ; Senate version -- http://appropriations.senate.gov/News/2009_02_02_The_American_Recovery_and_Reinvestment_Act_of_2009.pdf ; and Senate compromise -- http://www.govtrack.us/congress/billtext.xpd?bill=h111-1 , Text and $$$ details of Senate compromise -- http://appropriations.senate.gov/News/2009_02_08_UPDATED_Appropriations_Provisions_of_American_Recovery_and_Reinvestment_Act.pdf?CFID=4043629&CFTOKEN=40573040 in addition to -- http://readthestimulus.org/amdth1.pdf ; along with -- http://www.readthestimulus.org/ .

[aviationpm]

4. I got cut and never saw it coming!

Although I should have since they've been using furloughs to eliminate all the gay people (no, not legal in my state). The other people who got whacked were those close to retirement and those known to make the most money. Not fair to anybody. Hang tight everybody!

[The Brethren]

6. I'm sorry aviationpm to hear that!

I hope you're able to find another job, esp. one close in wages, as soon as possible.

The range in those who are being laid off/fired looks like it's including all levels. But I'm especially seeing it, at least in my circle of family members and friends, for those in the blue collar level and others who were in white collar jobs, but where there along time which means they're at higher level of pay and benefits. Jobs are being sliced and diced everywhere. I wish you the best of luck aviationpm!