Gm Is Meaner, But Hardly Leaner

When the restive board of faltering General Motors Corp. last April installed John F. Smith Jr. as the company's new president, Smith pretty well knew he faced one of the knottiest turnarounds in business today. Yet he figured to whip the world's largest carmaker into the black this year--a remarkable goal, given its disastrous $4.5 billion loss in 1991.

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