After so many years of running an extortion racket against the domestic automakers the UAW is about to find out that giving orders might also include responsibility...
...and they don't like it one bit!
NEW YORK (CNNMoney.com) -- The current plans to restructure General Motors and Chrysler LLC will leave the United Auto Workers union in the driver's seat at both companies. But it appears that the union would rather be in the back seat.
The UAW is set to receive a 55% stake in Chrysler through its union trust fund once that automaker emerges from bankruptcy. The trust fund will also likely get up to 38% of GM's stock as part of its reorganization.
But that doesn't mean the union will be calling the shots at either company. In fact, UAW president Ron Gettelfinger said the union hopes to sell its stake in both companies quickly because he is more interested in raising cash to cover retiree health care costs than having an ownership stake in GM (GM, Fortune 500) and Chrysler.
"Let somebody else take the stock. Give us the money," Gettelfinger said at a recent press conference. "We are trading debt for equity, and what is the value of the equity? Let's be honest, it's zero today."
http://money.cnn.com/2009/05/19/news/companies/uaw_ownership/?postversion=2009051911Enjoy it, pinhead; you earned it.
