UAW to control Chrysler (updated)

I suggested earlier that government bailouts of the automobile companies be conditioned on the United Auto Workers accepting a controlling ownership stake in the auto companies.  I indicated that union ownership would be preferable to government ownership.Today's WSJ reports in UAW to Get 55% Stake in Chrysler for Concessions:  The United Auto Workers union would eventually own 55% of the stock in a restructured Chrysler LLC under the deal reached by the union and the auto maker, according to a summary of the agreement that was reviewed by the Wall Street Journal.Fiat SpA "eventually" will own 35%, and the U.S. government and Chrysler's secured lenders together will end up owning 10% of the company once it is reorganized, that summary said.The summary was distributed Monday evening at a gathering of union leaders in Sterling Heights, Mich. The deal was first disclosed Sunday night. The UAW aims for Chrysler workers to vote Wednesday on the proposed...(Read Full Post)

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