Union Reluctant to Grab Wheel in Detroit

This is the third day of steady torrential rain as it can only rain here in sunny Florida. Without reading matter like that below, one might become depressed, so my thanks to both the UAW and CNN for providing this incomparable entertainment. A minor caveat, it's CNN, so this article may not be entirely accurate, however it's too good to bother checking.

FTA 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.

The UAW is set to receive a 55% stake in Chrysler through its union trust fund once that automaker emerges from bankruptcy. The trust fund will also likely get up to 38% of GM's stock as part of its reorganization.

[...]

"Let somebody else take the stock. Give us the money," Gettelfinger [UAW president] 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."

[...]

Experts say union leaders are worried about being in an uncomfortable position of being blamed by membership if management of the automakers needs to make additional plant closings or layoffs down the road to be competitive. Both GM and Chrysler have already signaled plans to do.

Not a bug -- a feature -- check this next paragraph:

That's because the union, which has often tended to endorse Democrats, will probably be able to lobby more successfully for favorable treatment from the government going forward than the automakers would themselves. So it is in the best interests of management at GM and Chrysler to keep the union happy.

Keeping the union happy was what caused the problem in the first place.