Jun 7, 2011
Dan Akerson, the CEO of General Motors (GM), told reporters before the company's annual shareholder meeting in Detroit that he is concerned about the U.S. government's high deficit and a "jobless" economic recovery. Akerson says the government needs a plan to pay down the nearly $14T deficit, and comments that if more jobs are created, more people will buy cars and other durable goods. The company also revealed that it has eliminated half of its pension liabilities since 2009, meaning the pension fund is now 90% funded and the shortfall is less than $9 billion. The fund had been underfunded by $17.1 billion at the end of 2009 and by $11 billion as of the first quarter this year. Shares of GM are trading up over 1% to $28.87.
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