In its effort to rescue GMAC from collapse, the U.S. Treasury announced Monday evening it would make a $5 billion investment in the struggling financial company. The decision comes just days after GMAC was granted “bank” status, enabling it to take part in the Troubled Asset Relief Program (TARP), which is technically authorized to help banks only.
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GM has started offering retirement and buyout packages as a way to lower overall costs. They proposed this offer to just over 18,000 workers, of which about 17,000 took them up on their offer.

It is very interesting that GM has just recently started offering buyout and retirement incentives while this has been a very popular practice over at Ford.

GM is not going to try to replace all of the workers with fresh hires, but according to the company some recently laid off workers, as well as selections from it’s corporate job bank will be hired to replace those leaving.

The highest percentage of those workers who have taken the buyout packages were from the Flint area. I wonder if a second edition of a certain movie is in order depicting the gradual erosion of Flint by the big bad corporate machine.