General Motors continues to use its newfound cash in a manner that aims to please its accounting department. After receiving a sizable monetary infusion thanks to the largest IPO in U.S. history, GM is now focused on putting that money to good use. Its Korean subsidiary, GM-Daewoo, recently paid off a $1 billion credit that was owed, and today, The General is pouring $4 billion much needed greenbacks into its pension fund deposit.
General Motors Finances
There are worse things than being forced to take vacation days -- like your employer going belly-up -- so General Motors is asking the tens of thousands of workers at its Vehicle Engineering Center and the Milford and Mesa Proving Grounds to stay home on December 22nd and 23rd. Factories won't plan any additional idle days in December, but the Engineering Center alone employs more than 16,000 people, so significant savings can be realized from those two additional days of quiet time. Just shutti