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Monday, August 10, 2009

This Day in Wall Street History 1954: Workers try to save Studebaker

In a moment of harmony between management and labor, the workers at the Studebaker factory in South Bend, Ind., chose on this day in 1954 to take a pay cut as a means to help the company.

Despite the agreement, which trimmed workers' salaries from $20 to $12, the company soon went belly-up.

Source: History.com

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