The downward spiral continues for General Motors Corp., which last week announced it would lop money-losing Oldsmobile from its seven U.S. vehicle divisions and cut white collar staff in North America and Europe 10%. It also will begin restructuring its money-losing European operations, including the closing of one assembly plant and an overall 400,000-unit capacity reduction by 2004. The moves — among the automaker's most drastic since its 1992 bloodletting that saw Chairman Robert C. ...

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