More accustomed to being praised than pilloried, Jack Welch tried to make the uproar over his perks-for-life retirement deal go away last week. When his wife's divorce papers this month laid bare the lavish lifestyle General Electric was financing for its former chief, Welch became the latest CEO in the cross hairs.
Jim Holton was not in the market for a new car. But last month he bought a $38,000 GMC Yukon on a five-year, zero-percent loan. "It was all I could think about,'' says the contractor. "I had to buy this.''Detroit rolled out zero percent to jump-start the car market after September 11, but the come-on is still packing 'em in.
Even when Martha Stewart cooperates with the insider-trading probe that's dogged her all summer, she still manages to appear less than forthcoming. Last week her lawyers delivered more than 1,000 pages of e-mails, phone records and other documents to congressional investigators demanding the domestic diva clear up discrepancies in her story about her ImClone stock sale.
My gasoline-and-electric-powered Civic Hybrid died in traffic. Repeatedly. On purpose. Turns out the gas-stingy Hybrid shuts off when it comes to a stop. But as soon as I pressed the accelerator, Honda's new high-tech marvel sprang to life, its electric motor and tiny four-cylinder engine humming quietly and air conditioning pouring from the vents. (Don't want to swelter in a standstill?
Forget about bargain hunting in the wreckage of the stock market. The best deals these days are on new-car lots. That might sound like some car-dealer come-on, but as the auto industry closes out its 2002 model year, rebates, cut-rate financing and lease deals have never been better.
When Detroit faces tough times moving the metal, top executives often start heading for the exits.Just two weeks after Jacques Nasser lost his job as Ford's CEO, Ron Zarrella today announced he is resigning as head of General Motor's North American car business to become CEO of Bausch & Lomb, the eye-care company he came to GM from seven years ago.
The end of Jacques Nasser's 34-month tenure as CEO of Ford Motor Co. came quietly and with no acrimony, according to the man who last week fired him and replaced him as the chief executive officer, Ford Chairman William Clay Ford Jr. "It was time to move on," says Ford simply.
With one of the largest populations of Arabs outside the Middle East, Detroit and its surrounding suburbs have become fertile ground for terrorism fund-raising and recruiting. "The Detroit/Dearborn area is a major financial support center for many Mideast terrorist groups," according to a Michigan State Police report obtained by NEWSWEEK. "Southeast Michigan is known as a lucrative recruiting area and potential support base for international terrorist groups.
Hasson Awadh grew up in a part of the world scarred by terrorism, but he never stared down the barrel of a rifle until last week. At 2:25 a.m. last Wednesday, a man wearing a white rubber mask and a black hooded coat walked into Awadh's Marathon gas station in Gary, Ind., and, with no evident purpose other than vengeance, opened fire with a high-powered assault rifle.