You know the shittuff has hit the proverbial fan when Tiger Woods (i.e., The Lord of the Links) stops driving Buicks because he wants to spend more time with his family:
CHICAGO (Reuters) – General Motors Corp, which has warned that it will run short of cash early next year without support, and popular professional golfer Tiger Woods said on Monday that they would end their endorsement deal at the end of the year.
GM and Woods, who is recovering from reconstructive knee surgery, called the arrangement “mutual and amicable.” They cited a desire by the golfer for more personal time with a second baby due in late winter, as well as a need for GM to cut costs as it struggles with declining demand in the U.S. market.
Yeah, I’ll bet it was amicable. GM probably told Tiger they couldn’t afford to pay him and that they were going to screw him over in their upcoming bankruptcy anyway, and he “decided” it might be a good idea from a pr standpoint to get out in front of that curve. Besides, there will always be a Toyota or a BMW in his future.
Still, when companies start cutting off Tiger Woods’ endorsement money as a cost saving measure, isn’t that just a small sign that the worst of times is yet to come?
The IMF’s chief economist has warned that the global financial crisis is set to worsen and that the situation will not improve until 2010, a report said Saturday. […]
“The worst is yet to come,” Blanchard said in an interview with the Finanz und Wirtschaft newspaper, adding that “a lot of time is needed before the situation becomes normal.”
I think that just may qualify as an understatement.
