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In a momentous development that could happen regardless of whether Chrysler seeks bankruptcy, Chrysler’s main union, the United Auto Workers, will own a majority stake in the automaker under a proposed balance sheet restructuring engineered by the U.S. government.
The union, which represents half a million U.S. workers across a variety of industries, would nab a 55% piece of the new Fiat-Chrysler alliance, according to the initial terms explained in a letter to UAW members by union president Ron Gettelfinger. In exchange, it would let the automaker contribute half the US$10.6-billion it owes to the union’s medical fund for retirees.
[More here]
I'm generally pro-union thanks to my family's automotive and educational background, but even I see this as a disaster waiting to happen. If they want the employees to have a slice of the pie, give them direct ownership of the company like WestJet.
The union, which represents half a million U.S. workers across a variety of industries, would nab a 55% piece of the new Fiat-Chrysler alliance, according to the initial terms explained in a letter to UAW members by union president Ron Gettelfinger. In exchange, it would let the automaker contribute half the US$10.6-billion it owes to the union’s medical fund for retirees.
[More here]
I'm generally pro-union thanks to my family's automotive and educational background, but even I see this as a disaster waiting to happen. If they want the employees to have a slice of the pie, give them direct ownership of the company like WestJet.
