Billy Ford

Johnson & Johnson (JNJ -0.05%) says it will cut up to 7% of its workforce in restructuring, for which it will take a Q4 charge of $1.1-1.3B. Expects pre-tax annual cost savings of $1.4-1.7B by 2011, "by reducing layers of management, increasing individual spans of control, and simplifying business structures and processes across the company's global operations." (PR)

come on guys..this is the new normal remember?? apparently that arrogant empty suit in washington thinks so...what a joke...this is why I say anybody believing that we are "recovering" is drinking from the same bucket of kool aid that Obama is mixing up...puke