Obama administration gave a very large percentage of stock in Chrysler to the UAW in what eventually became Fiat Chrysler Automobiles.
Not GM. The value of Chrysler was underwater. The unfunded pension liabilities exceeded the market value of Chrysler even if stripped of its other liabilities in Bankruptcy court.
So Obama gave Fiat majority control of Chrysler and a few billion dollars.
Fiat purchased Chrysler stock from the UAW and merged the two companies. The UAW selling the Chrysler stock is supposed to fund Chrysler employee pensions. After the UAW mafiosi wet their beaks a little.
GM is in between bankruptcies for another whole host of reasons.
That is interesting—you follow these matters closely—I admit I do not.
Thank you.