And you thought” accounting errors” were reserved for corrupt Wall Street firms and corporations like Enron. Here’s a bit of a “whoops” for the New York Times, defender of the little guy and owner of The Boston Globe. The Times is trying to extract $20 million in savings from Globe unions and has formally notified federal authorities that it will shutter the paper in the next 60 days. Talks went on all weekend. The Washington Post reports:
Negotiations were disrupted when the Times Co. acknowledged a $4 million accounting mistake in the talks, requiring the Guild, which represents 600 editorial, advertising and office workers, to dig even deeper for savings.
The Globe quoted the head of the Teamsters local, which represents the newspaper’s drivers, as saying his union had come up with the $2.5 million in salary and benefit cuts demanded by the company. But the Times Co. is also said to be seeking to eliminate seniority rules and lifetime job guarantees for some union members.