Say it ain’t so! This is so sad… Locusts cutting jobs to maximize profits!
However – this time the locusts are from Germany:
DaimlerChrysler to cut 13,000 Chrysler jobs, close 1 plant
DaimlerChrysler AG said it is cutting 13,000 jobs in Chrysler and is closing its Newark assembly plant under a turnaround plan that aims to generate 3.5 bln eur positive impact in profits by 2009.
And guess what? DaimlerChrysler shares are … up almost 8 % (as of 8pm German time, Feb. 14)!! .
What will the German media say? Of course, they’ll be all up in arms, as they were in 2005, when GM discussed job cuts at Germany’s Opel plant. (1, 2)
Or not.
After all, Chrysler job losses are Germany’s win. Mercedes is doing just fine and doesn’t want to endanger German jobs by financing Chrysler deficits.
Of course, that’s the way capitalism works: allocating money where prospects are best. Even German journalists understand that. Except, of course, if the job losses are in Germany and the investor is an American company.
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