Business News Archive - March 07, 2006

General Motors Corp. said on Tuesday it would reduce pensions for salaried employees and shift to a defined contribution plan as part of a broad cost-cutting program it says is vital to its survival.

Former Enron Corp Chief Financial Officer Andrew Fastow testified through tears on Tuesday that he routinely inflated earnings, hid losses and deceived investors with the blessing of his boss, Jeffrey Skilling.

Word of the Day
  • a slit in a tire to drain away surface water and improve traction.
The word 'sipe' comes from Old English and is related to 'seep'.