Layoffs likely after GM fails to find enough early retirees
DETROIT - About 6,000 General Motors Co. blue-collar workers have taken the latest round of early retirement and buyout offers, but it fell short of the company's goal, meaning more layoffs are likely. GM has about 54,000 factory workers and wants to end the year with 40,500, a cut of about 13,500. Monday's report means that about 7,500 too few workers took the offers, setting the stage for more layoffs. It was not immediately known how many workers from the GM transmission plant in White Marsh took the buyout. The automaker announced in June and July that it would close 15 U.S. factories employing about 22,000 workers by the end of 2012. Spokeswoman Sherrie Childers-Arb said Monday that the number of layoffs has yet to be determined because some workers at closed factories could take open jobs at other factories.
- Sun staff and news services
Google CEO leaves Apple board as companies compete
NEW YORK - Google CEO Eric Schmidt is resigning from Apple's board of directors as the Internet search leader increasingly develops products that compete with Apple's core businesses, including the popular iPhone. Apple Inc. said Monday that Schmidt would have had to recuse himself from large portions of the company's board meetings to avoid potential conflicts of interest. Schmidt had been on Apple's board since August 2006. His resignation comes as the Federal Trade Commission is looking into whether Google Inc.'s common ties with Apple might discourage competition. Just a few months ago, Schmidt expressed confidence that such an inquiry into his role on Apple's board won't find any evidence that the ties between the two companies throttle competition in such areas as mobile phones.
- Associated Press
BofA agrees to pay SEC $33 million over bonuses
CHARLOTTE, N.C. - The Securities and Exchange Commission Monday said Bank of America Corp. has agreed to pay $33 million to settle charges the Charlotte bank misled investors about bonuses paid to Merrill Lynch & Co. executives. The SEC alleged that in proxy materials sent to shareholders about the proposed Merrill acquisition, Bank of America said the New York investment bank had agreed to not pay year-end bonuses without Bank of America's consent. The bank, however, had already authorized Merrill to pay up to $5.8 billion in bonuses for 2008 under the merger agreement. Bank of America did not admit wrongdoing.
