General Motors Corp., which posted a nearly $40 billion loss in 2007, announced another round of buyouts aimed at veteran union employees. While about 74,000 employees are eligible for the program, United Auto Workers President Ron Gettelfinger said that the total number of buyouts would not exceed 20,000, and that this development was an expected result of last year's labor contract.
See "GM Announces New Round of Buyouts", Howard Schneider, The Washington Post, February 11, 2008