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UAW Would Own 55% of Chrysler Stock Under Deal
Wall Street Journal ^ | 4/27/09 | ALEX P. KELLOGG

Posted on 04/27/2009 5:51:59 PM PDT by MV=PY

By ALEX P. KELLOGG STERLING HEIGHTS, Mich. -- 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.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Government
KEYWORDS: automakers; chrysler; uaw
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To: MV=PY
I can hear the latest Chrysler ad now: "Buy a Mopar, or we'll break your fookin' kneecaps!!"


21 posted on 04/27/2009 6:04:24 PM PDT by Viking2002 (This tagline for rent.)
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To: St. Louis Conservative
Does the UAW think it can run a car company? It is due to get a hard lesson, and that is that they won’t be able to get gold-plated healthcare, pension, and above-market wages and still turn a profit.
-——————————————————————>

Well said!

Interesting scenario when the UAW tells all its “Members”
their 40lK plan is vested in Chrysler stock and their benefits will be managed by the Government.

Too bad for St. Louis. The Fenton Plant has finally, IMHO, met its demise. Guess the Gephardt, Slay, Banks and Clay clans have at last given the Gateway to the West its final economic blow to a once great community.

22 posted on 04/27/2009 6:04:45 PM PDT by not2worry (WHAT GOES AROUND COMES AROUND)
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To: HiTech RedNeck
It actually has happened with airlines. Don’t believe the result is any worse or better than other arrangements.

Big difference between producing something for a profit and a service oriented business.

23 posted on 04/27/2009 6:05:00 PM PDT by raybbr (It's going to get a lot worse now that the anchor babies are voting!)
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To: Big Horn

The UAW now has to eat its own dog food. If this new Chrysler does well, I would not be inherently biased against it, while shopping for a product on its own merit.


24 posted on 04/27/2009 6:05:25 PM PDT by HiTech RedNeck (Beat a better path, and the world will build a mousetrap at your door.)
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To: MV=PY

I wonder if they will still act like a cancer on the company as owners, my guess is they will— because that’s what they are.


25 posted on 04/27/2009 6:06:00 PM PDT by FightThePower! (Fight the powers that be!)
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To: MV=PY
“...Workers will only be paid for overtime after they have worked at least 40 hours in a week. Chrysler workers will also lose their Easter Monday holiday in 2010 and 2011, the summary says.”

Oh my God! How inhuman! Overtime after you are FORCED, forced mind you, to work 40 hours! And no more Easter Monday's (what is Easter Monday ... I thought Easter was on a Sunday ... and I have NEVER had the Monday off after Easter).

The horrors!

(do I need the /sarc tag ... really).

26 posted on 04/27/2009 6:06:49 PM PDT by CapnJack
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To: FightThePower!

Hmmm, I think being in an undistorted economic situation teaches a lesson.


27 posted on 04/27/2009 6:06:56 PM PDT by HiTech RedNeck (Beat a better path, and the world will build a mousetrap at your door.)
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To: whitedog57

“Get ready for the police state with people being carted off.

This is Cuba.”

Too many Americans are armed right now for that to happen this soon. They have to build up to it first. Right now the civil war would be long and bloody. They want a peaceful, if possible, take over.


28 posted on 04/27/2009 6:07:21 PM PDT by MissouriConservative (Let the purging of the RINOs begin in 2010. - MissouriConservative)
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To: CapnJack

Probably still get Good Friday.


29 posted on 04/27/2009 6:07:36 PM PDT by HiTech RedNeck (Beat a better path, and the world will build a mousetrap at your door.)
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To: MV=PY
UAW Would Own 55% of Chrysler Stock Under Deal
. . . thereby becoming a company union.

30 posted on 04/27/2009 6:08:12 PM PDT by conservatism_IS_compassion (The conceit of journalistic objectivity is profoundly subversive of democratic principle.)
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To: MV=PY

Make the union leader salaries a function of profit and watch the union collapse.


31 posted on 04/27/2009 6:08:40 PM PDT by SlapHappyPappy
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To: CapnJack
Over time after 40 hours for employees paid "hourly" is the law for any business doing business with the fed gov.
32 posted on 04/27/2009 6:11:07 PM PDT by Graybeard58 (Selah)
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To: MV=PY
The United Auto Workers union would eventually own 55% of the stock in a restructured Chrysler LLC

Geez, 55% would allow them enough clout to kill the golden goose.

33 posted on 04/27/2009 6:12:41 PM PDT by umgud (I'm really happy I wasn't aborted)
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To: CapnJack

I remember Easter vacation, we had Good Friday and Easter Monday off in the public schools in North Dakota.
I think my parents had the day off too.


34 posted on 04/27/2009 6:14:36 PM PDT by Maine Mariner
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To: TurtleUp
Seeing that picture of the ring made me thing that there will soon be a run on “Pinkie Rings” in the Detroit area.

All the Union bosses will be buying them like they are going out of style.

35 posted on 04/27/2009 6:15:20 PM PDT by CapnJack
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To: Graybeard58
Karl Marx: workers own the means of production
36 posted on 04/27/2009 6:15:29 PM PDT by avacado
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To: St. Louis Conservative

>> Does the UAW think it can run a car company?

Don’t know if they think they can RUN one — but I bet they think they can do a pretty good job of LOOTING one. Especially one on gubmint life support.


37 posted on 04/27/2009 6:18:33 PM PDT by Nervous Tick (Party? I don't have one anymore.)
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To: Nervous Tick

Well, they can’t loot it anymore. There’s nothing there. Unless of course the plan is to have the federal government subsidize the auto companies (and by extension, the UAW) in perpetuity.


38 posted on 04/27/2009 6:26:48 PM PDT by St. Louis Conservative
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To: henkster

So true. I laugh and almost cry when this scum demonizes management or white collar workers. Trying to build something people want, that is reliable, that holds up, is safe, et etc etc is very difficult.

Chrysler was not building very good cars before so they will be even worse. Competing against Toyota or Honda or even Ford - forget it.

The workers will goof off and will be accountable to no one.

Means of production - yup the place will be stripped clean.

The whole thing would die in 3 days if it wasn’t for taxpayer money.


39 posted on 04/27/2009 6:38:06 PM PDT by Frantzie ("Remember when Bush was President & Americans had jobs?")
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To: MV=PY

What will that stock be worth?


40 posted on 04/27/2009 6:48:15 PM PDT by Anti-Bubba182
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