How many billions in bonus money do you think the fired Whirlpool workers will receive or is that only available to complete failures such as Wall Street?
Whirlpool Corp. said Tuesday it will cut about 5,000 jobs by the end of 2009 because of the global credit crisis and its expectation for continued reduced demand in North America and Europe.
The nation's largest home appliance maker also reported that its earnings fell 7 percent during the third quarter on lower global unit volumes and higher material costs. Whirlpool lowered its earnings outlook for the year.
"The global credit crisis has had a profound negative impact on what was already a weakening and very fragile global economy," Jeff M. Fettig, chairman and chief executive, said in a release. "Declining home values, rising unemployment and very low consumer confidence levels will likely prolong a negative demand environment at least through the middle of 2009."
