The current plans to restructure General Motors and Chrysler LLC will leave the United Auto Workers union in the driver's seat at both companies. But it appears that the union would rather be in the back seat.
UAW president Ron Gettelfinger said the union hopes to sell its stake in both companies quickly because he is more interested in raising cash to cover retiree health care costs than having an ownership stake in GM and Chrysler."Let somebody else take the stock. Give us the money,"
Gettelfinger said at a recent press conference."We are trading debt for equity, and what is the value of the equity? Let's be honest, it's zero today."
[What, perform - just because we were given billions? No thank you. Think through what his statements really mean. Where's our outrage?]
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