For a company desperately clinging to its glorious past it should come as no surprise to hear that time is standing still at General Motors.

According to a recent article in the Wall Street Journal, one of the world’s most famous institutions is taking dramatic action to cut $15bn worth of costs in a last ditch effort to keep the wolves from the door.

At the company’s HQ in Detroit, 562 clocks adorn the walls – although when 2009 arrives it’s unlikely that any of them will be telling the correct time after the General Motors hierarchy rubbed stamped plans to stop the replacement of the clock batteries.

A further indication of GM’s clean-slate policy also came in a memo to staff concerning a change in the type of wipe-up towels it now buys. The change will, the company claims, lower GM’s “cost per wipe”.

If you’re hoping to get hold of an executive at GM HQ, you may also be left disappointed, after the company scrapped voice mail, a move described by company spokesman Tony Sapienza, as “good business practice”.

Waste, it seems, has never been higher on the agenda, although only time will tell if these drastic measures are enough to save the company. The clock is ticking - or, in some cases, may have stopped already.