FinancialCrunch

Due to deteriorating market conditions and a dire cash crunch, General Motors CEO Rick Wagoner will be announcing "important changes" during his company's 3rd quarter earnings report on Friday at 11AM EST The Detroit News obtained an executive level email that foretells the bad news ahead but doesn't go into specifics regarding what actions the General will take. Wagoner did, however, send out an earlier email that stated cuts were necessary. Some cutbacks on the table include both voluntary and involuntary salary layoffs and the loss of certain benefits like 401k matching. GM spokesman Tom Wilkinson verified that change was coming by saying that the struggling automaker would need to make "additional adjustments."