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GM Stock Downgraded By Deutsche Bank as 20,000 Workers Take Buyouts - 05/31/06By Doug Cunningham More than 20,000 UAW workers have accepted buyouts offered by GM as it slashes jobs. Nearly 30,000 in all are expected to take the offer by a June deadline. After a GM stock rally on Wall Street Deutsche Bank on Tuesday downgraded GM stock again. But GM stock is still up about 40 percent for the year. Meanwhile Delphi, GM and the UAW continue their struggle to reach a solution short of a catastrophic strike in the face of Delphi’s intent to obliterate more than 20,000 U.S. union jobs and drive down wages. A decision is expected in June by New York Bankruptcy judge Robert Drain on Delphi’s motion to throw out its union contracts. |
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