House committee seeks White House GM Chrysler documents
A House committee approved a resolution to require the Obama administration to release documents on the GM and Chrysler bailouts and the auto task force’s decisions. The move criticizes how dealerships were closed and notes ongoing questions about legal actions and outcomes.
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Cisco lays off six hundred to seven hundred workers
Cisco Systems Inc. laid off 600 to 700 workers this week at its San Jose headquarters as part of a plan to cut 1,500 to 2,000 jobs. The company has about 66,560 employees as of April and is pausing most hires to save $1 billion in fiscal 2009.
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CIT Collapse Threatens Retail Financing Chain
New York based CIT Group faces a potential bankruptcy that could disrupt short term financing for about 2 000 vendors supplying 300 000 stores 60 percent of the apparel industry relies on CIT for funding and a disruption could halt orders increase pre payment pressure and shrink holiday inventories by 20 to 30 percent risk cascades through zipper fabric and trucking sectors threatening back to school and holiday merchandise deliveries.
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