GM to Shut Down Saturn Division; 13,000 Jobs to Be Eliminated
In other business news, General Motors has announced it will shut down its Saturn division by 2011. The move will eliminate an estimated 13,000 jobs.
Bank of America CEO to Receive $125 Million Retirement Package
Outgoing Bank of America CEO Ken Lewis is reportedly set to receive a retirement package worth $125 million. Lewis’s severance package includes $53 million in retirement benefits and $73 million in accumulated stock and other compensation. Under Lewis’s leadership, Bank of America received a $45 billion taxpayer bailout.
Poverty Rate Rises to 13.2 Percent
Meanwhile, the Census Bureau reports the nation’s poverty rate has rise to 13.2 percent, the highest level in eleven years. The number of people classified as poor has jumped to nearly 40 million.
– from democracynow.org