UAW Goes From Rivetheads to Owners in Detroit
In cutting major concession deals with General Motors and Chrysler this week, the United Auto Workers are walking a whole new line as it goes from being just a labor union to owners of the companies its members work for. A deal struck with General Motors exchanges debt owed to the union for 39% of the troubled automaker. A separate deal with Chrysler will give the 74-year old labor organization 55% of the privately held Chrysler. In both companies, …
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Auto Beat - BusinessWeek
Topics: real-estate, white, chrysler, automakers