IRl Sponsorship Pays Big Dividends

[SurfaceUnits]

Delphi drops workers' health insurance
Auto parts firm will save $500 million amid possible results restatement; rating downgraded to junk.
March 9, 2005: 8:02 AM EST

NEW YORK (Reuters) - Delphi Corp. is to stop paying medical insurance in 2007 for 4,000 retired salaried workers and thousands more future retirees, saving the company $500 million, The Detroit News reported Wednesday.

The newspaper's report cited a company e-mail to employees.

The world's largest auto parts supplier, based in Troy, Mich., last week announced the resignation of its chief financial officer as it faces the possibility of restating results from the last six years.

Moody's Investors Service cut its debt ratings on Delphi to junk status Tuesday, citing accounting investigations, management changes and competitive challenges. :cry:

http://money.cnn.com/2005/03/09/news/fortune500/delphi.reut/index.htm

[trauma1]

they are also in hot weater with the SEC on the over reporting of earnings, kinda of like ENRON :rofl:

Delphi shares have tumbled 21 percent since the company announced a series of accounting irregularities on Friday that cover every year of Delphi's 6-year existence and cost the supplier the only chief financial officer in its history.


Another executive also was ousted and a third official was demoted following Delphi's announcement, which stunned Detroit auto insiders and investors on Wall Street.

i wonder how long they will be on the side pods of FAF and sharp :laugh:

[JLMannin]

Any company that is a primary sponsor in the IRL has to be cooking their books. They would get a better return on their investment by literally burning the cash and recovering the BTU content of the paper.

[Winston Wolfe]

(In my best Mr. Rogers voice":)

Can you say "Excite@Home", or perhaps "Northern Lights".....

I knew you could... :gomer:

[RichK]

Wow, cutting benefits to retired workers. I can almost hear the lawyers' phones ringing.....

[Wabbit]

Wow, cutting benefits to retired workers. I can almost hear the lawyers' phones ringing.....

Government's been doing that for years. Ask any retired military people.

[Wheel-Nut]

Wow, Wilke never mentioned this over at TF. How'd he miss it?

[trauma1]

impressive stats, menards-tax evasion,,dephi -cooking the books, curry-emezzelment, FTg -coke addict . little all - wife beater, who have i left out :rofl:

[RichK]

Government's been doing that for years. Ask any retired military people.

The Government didn't STOP benefits, though, at least for the military people I know.

[Ankf00]

impressive stats, menards-tax evasion,,dephi -cooking the books, curry-emezzelment, FTg -coke addict . little all - wife beater, who have i left out :rofl:
sheckter for solicitation

[Dave99]

impressive stats, menards-tax evasion,,dephi -cooking the books, curry-emezzelment, FTg -coke addict . little all - wife beater, who have i left out :rofl:
Cheech and Enge?

Or has he moved on? :confused:

[Ankf00]

I like how this is coming together bit by bit :D

all we're missing now is someone with an opiate habit!

[theunions]

impressive stats, menards-tax evasion,,dephi -cooking the books, curry-emezzelment, FTg -coke addict . little all - wife beater, who have i left out :rofl:

Harrington

Oh yeah...Big Daddy's BBQ Sauce. :gomer:

[dando]

Wow, cutting benefits to retired workers. I can almost hear the lawyers' phones ringing.....
Fairly common for companies that offered pensions....Lucent, AT&T, etc. have previously announced pension benefit cutbacks. My guess is that there are many others that are feeling the pain from union contracts of the 60s, 70s, and 80s.

-Kevin

[sundaydriver2]

Any company that is a primary sponsor in the IRL has to be cooking their books. They would get a better return on their investment by literally burning the cash and recovering the BTU content of the paper.



:rofl: :rofl:

:thumbup: