The UAW healthcare trust is set to receive a 55% stake in Chrysler under the sale plan filed with the United States bankruptcy court, but those of us hoping that would give the union a long-term stake in the health of company -- as opposed to using it as a honey pot from which to extract as much blood as possible at the cost of the company's health -- will be sorely disappointed. UAW president Ron Gettelfinger says that the union will dump its entire stake in the company immediately.Right: The United States taxpayer is supposed to pump billions of dollars into the auto industry in exchange for an 8% stake in Chrysler, and we're assured that it's a prudent long-term investment and we won't get screwed. But when it's the UAW's turn, it refuses to take any long-term equity stake in the company it's insisted we pour billions into.
I understand that the volatility and risk associated with the Chrysler stake, and the healthcare trust's need for immediate cash, makes it impractical for Chrysler to retain the entire 55% stake. But shouldn't they at least retain a chunk of it to show that we're all in this together?
Every single American is being asked -- told, actually -- to bet their money on the future value of Chrysler's equity. Why can't the UAW do the same?
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Reader Comments (Page 1 of 1)
5-05-2009 @ 9:14AM
larrikin said...
I hope the FBI has the keys to the UAW safe and the workers retirement pensions?
Kind of reminds you of the death of the goose that was killed for its golden eggs. Well let see what new industry the UAW can't cause to collapse under the guise of getting fair wages for its members. I feel for the spouses and kids.
5-05-2009 @ 11:05AM
common sense said...
It is time for the worker to reevaluate his union. They served a great purpose in bettering working conditions, but they have gone too far, have garnered too much power and are helping to destroying our economy.
5-05-2009 @ 11:16AM
bill davin said...
First of all, why is it that the UAW would not have a stake in the "long term" survival of Chrysler ? Don't you realize that the UAW is totally reliant on the workers ? If that isn't long term commitment than nothing is. The UAW had nothing to do with the collapse of the auto industry. Corperate leadership and Congress did, can you say NAFTA. if you disagree than tell me this, has the prices of the cars come down at all ?
5-05-2009 @ 11:43AM
sgpcats said...
UAW: Now I Really Know That I Will Buy Toyoto
5-05-2009 @ 12:33PM
A. Marshall said...
If the UAW has no confidence in Chrysler, why in the world is obama allowing the US taxpayers to waste so much money on this debacle? Grab the money and run!
5-05-2009 @ 12:49PM
ij70 said...
Anybody else wants to buy "American"? Anybody? Anybody at all?
5-05-2009 @ 1:31PM
Jeff said...
UAW =
Unified Against Working
5-05-2009 @ 2:24PM
GenKhan2 said...
I've always wondered if unions, particularly in states, like Michigan, where union membership is a requirement of employment, can be prosecuted under anti-trust laws. History has shown monopolies to be a bad idea for society at large. Shouldn’t that axiom extend to monopolistic labor?
5-06-2009 @ 12:11AM
StrayKat11369 said...
Do any of you people work for any of the 3 auto companies??? Well, let me tell you all that the media isn't reporting the whole truth. Only half truths. My son-in-law works for Ford and I know what's going on. I will never again believe everything the media puts out.
5-06-2009 @ 10:41AM
David said...
I think American industry has mmore problems with these young people that go to college,on someone else's hard earned money[usually mommy and daddy's]spent their time on sex,drugs and alcohol thensit on their butts in industry while blue collar workers do all the work.These people then gripe because something or someone makes 25 cents more than they do.Most of these are Republicans are against everything that they haven't thought of first.