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The primary reasons Detroit can’t compete with foreign car manufacturers is because of their tremendously high “legacy” costs and their the ridiculous work rules that are built into their contract with the United Auto Workers union. I believe that GM’s legacy costs are about $7 billion a year. These costs include retirement and medical costs [...]

Quarterly red ink swells to nearly $3 billion on an operating basis. More job cuts in the cards as No. 2 U.S. automaker looks to sell additional assets and eyes debt-for-equity swaps.
SAN FRANCISCO (MarketWatch) — Ford Motor Co. on Friday posted a narrower third-quarter loss, boosted by a gain related to its retiree health-care settlement, [...]