Wednesday, April 29, 2009

And so the Union Own Chrysler - what could possibly go wrong?

Something about fox and henhouse comes to mind.

UAW Said to Get 55% Chrysler Ownership, Board Seats

By John Lippert and Mike Ramsey

April 28 (Bloomberg) -- The United Auto Workers union’s retiree health-care fund will own 55 percent of Chrysler LLC in exchange for cutting in half the automaker’s $10.6 billion cash obligation to the trust, people familiar with the matter said.

Under the terms of the contract, the trust would get representation on the company’s board of directors, said two people briefed on the deal, who asked not to be named because the matter is private.

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