The Ax is swinging.
For now, the necks being severed are 1000 white collar jobs in Detroit for Chrysler.
After months of swirling bankruptcy rumors and losses of over 1.6 billion in 2007, it was no secret that job and production cuts were coming. Following suit of General Motors and Ford with the job cuts, Chrysler is hanging on by a very loose thread and Chrysler has stated that its liquidity position through June had remained unchanged since the end of last year and is currently at $9 billion.
Either way, I don't think it's over by a long shot with the cuts.
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