Welcome to the Cadillac XLR Forums!

GM's Wagoner: Money Problems Due To 'Burdens Of The Past'


Seasoned Member
Staff member
Site Administrator
Oct 7, 2006
New Hampshire
My XLR/V(s)
Not yet!
GM's Wagoner: Money Problems Due To 'Burdens Of The Past'

December 05, 2008: 11:50 AM EST

- General Motors Corp. (GM) Chief Executive Rick Wagoner blamed his company's money problems on "burdens of the past," telling lawmakers Friday that retiree health-care and other so-called legacy costs have saddled GM's balance sheet.

Wagoner told members of the House Financial Services Committee that the company's overseas operations are stronger financially than its domestic operations because of pension and retiree health-care costs associated with union contracts in the U.S.

"As we go into new markets, we go in on an unencumbered basis," Wagoner said.

He noted that the company has worked with the United Auto Workers union to significantly reduce those costs in recent years.

-By Josh Mitchell, Dow Jones Newswires; 202-862-6637; joshua.mitchell@ dowjones.com

-By Corey Boles, Dow Jones Newswires; 202-862-6601; corey.boles@dowjones.com

Cadillac XLR Forums

Not a member?  Join now!  It's Free!

Learn more about Supporting Membership

Win 2 Supercharged Cadillacs!

Win both supercharged Cadillac Vs!

Supporting Vendors

Taput Tunning LLC

Top Hydraulics

Cadillac XLR Registry

Click here to enter the official Cadillac XLR and XLR-V Registry
Top Bottom