Well, when is the announcement coming?
GM suspends 401(k) match for salaried employees
Thursday December 15, 11:49 am ET
DETROIT (Reuters) - General Motors Corp. (NYSE:GM - News) is suspending contributions to its 401(k) retirement savings plan for salaried workers, a spokesman said on Thursday.
"We continue to monitor the business in determining when to reinstate the matching contributions," GM spokesman Robert Herta said.
The world's largest automaker was also dropping the requirement that up to 3 percent of worker's contributions and 100 percent of the automaker's contribution be invested in GM shares.
This was done to give employees more flexibility to choose their stocks and mutual funds, Herta said, adding that the changes take effect January 1.
GM now contributes 20 cents for each $1 that workers invest in the 401(k) plan up to 6 percent of an employee's base salary, Herta said. GM last year reduced its 401(k) match from 50 cents on the dollar to 20 cents.
GM's financial woes, combined with the bankruptcy filing of Delphi Corp., its biggest suppler, have taken a toll on its once-robust stock price. GM shares have fallen 44 percent this year.
GM, which has lost nearly $4 billion this year, is struggling with high health-care and commodity costs, loss of U.S. market share to foreign rivals and slumping sales of its once-profitable sport utility vehicles.
To compound matters, GM's borrowing costs have soared since its credit rating was first cut to junk status in May. Standard & Poor's cut GM's ratings deeper into junk territory this week.
You are absolutely right -- it is wholly overstated and verbose. But.... Sir Slippery continues to feign ignorance, and his denial of understanding my question (which, of course, he still hasn't answered) required the verbosity.
Ahead, I'll be pithy. Like this.
GM was destroyed by two factors, lack of quality and Union greed/blackmail.
How any company paying associates $38.00 an hour to tighten four bolts per minute (with a power tool)boggles the mind.
There quality has gotten better, I have a 2003 Trailblazer EXT Urban Assualt Vehicle that my wife loves,(knock on wood) no problems at all with this tank.
Why is FedX eating UPS's lunch, non-union,
plain and simple
Yes, you did answer one of my two questions, and I appreciate the response. And I acknowledge I was less than fully direct in responding your earlier question. Although I mentioned that I had already answered your question within a prior posting, I didn't give the reference, or the content. So here is A DIRECT answer to your question. (But also the final section of this post.)
You asked why someone would invest in ABT.
In this post....
>>Re: 10% of total position contemplated
by: abbott_lad (54/M) 12/14/05 07:46 pm
Msg: 94504 of 94660 <<
I said this...
>>I'm sure by now you've looked at the 10, 20, 30 year growth rates. No one can say that this performance will repeat, but given the trends in human demographics and the continued strength of ABT, it could be a significant part of the 'growth' segment of your portfolio. Be sure to setup your account to reinvest the dividends.
ABT's diversification strategy is the right play, again IMHO. I'm older than you, but ABT still represents about 6% of my overall portfolio, and I expect to maintain that for the foreseeable future.
Many of my other posts have details on pipelines, outlooks and initiatives<<
That is your DIRECT answer. I realize you don't agree with my conclusions, but it IS my answer nonetheless.
So I now repeat my 2nd question which you have not yet answered....
>>Give ME one good reason why YOUR question about investing in ABT logically follows my post about short-term buying/selling.<<
You'll recall the context -- I posted that profit taking can occur in ANY STOCK, it's simply a matter of timing -- buy low, sell high. You replied by asking 'Give me three good reasons why to invest in ABT or pharma, etc.' So my directed question back to you was the one above....
From the wonderful people who brought you Pearl Harbor and the Bataan Death March.
I would drive a rice rocket, for sure?????
Not until the Japanese government fully apologizes for their atrocities during the war.