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Less than a day after the UAW, Chrysler and Fiat agreed upon the terms of a contract that would keep the struggling U.S. automaker afloat, details of the agreement have surfaced in which the union will take a controlling share in Chrysler.

At first it seemed almost too good to be true that all sides had reached an agreement without the need for decreased wages. Instead the agreement stipulated that Chrysler would significantly reduce its participation in the employee retirement program.

The agreement came just days after a similar agreement had been reach between Chrysler Canada and the Canadian Auto Workers union - an agreement that was ratified the same day Chrysler and the UAW put together the current proposal.

Now word has leaked that in exchange for Chrysler's reduced payments to the company's retirement plan, the company had to essentially hand itself over to the union. In total, the UAW will get a 55 percent stake in the planned Chrysler-Fiat partnership, with Fiat initially taking a 20 percent share, with up to 35 percent ownership possible if certain conditions are met.

The agreement now has to go before Chrysler's 26,000 workers, with voting on Wednesday in order to ratify the agreement ahead of the government's end-of-month bankruptcy deadline. If the deal is reached and Fiat signs on, the Federal Treasury will provide Chrysler (or should we say the UAW) with $6 billion to keep the automaker afloat.

Meanwhile, one other major player (which has been incredibly quiet during this ordeal) has agreed to remove itself from the situation. Daimler will shed its 20 percent stake in Chrysler and rethink ever working with a U.S. automaker again.

More: Chrysler/UAW Agreement Gives Union 55 Percent Share of Automaker on AutoGuide.com
 

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Call me political, but the government and union owning a majority of any company is enough for me not to buy a vehicle from any company involved. This is a shame because I was really looking forward to the new Ram coming out.
 

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so the people who are workin on the vehicles own a portion of the company sounds like they have a reason to make a good product sorry doesnt sound like a bad deal to me
 

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Well we'll have to see how well the UAW fares at making vehicles....oh wait are there many engineers and market analysts in the UAW???

This is a moronic idea. Why dont we give control of the military to lawyers too? Oh wait we just did that too.
 

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Well we'll have to see how well the UAW fares at making vehicles....oh wait are there many engineers and market analysts in the UAW???

This is a moronic idea. Why dont we give control of the military to lawyers too? Oh wait we just did that too.
Yes there are many engineers, draftsmen, and designers that are apart of the UAW. It makes since for the UAW to buy into the company. Long term it will be a good thing for the UAW, will force them to cut the fat. Here is a snippet from the UAW site. http://www.uaw.org/about/members.html


Automotive: The UAW represents skilled trades and production workers at General Motors, Ford and DaimlerChrysler. In addition, the UAW represents several thousand salaried employees — including engineers, designers and draftsmen — at DaimlerChrysler, Ford and General Motors.

Workers at new United Motor Manufacturing Inc. (NUMMI), a GM-Toyota joint venture; and Mitsubishi Motor Manufacturing of America Inc. (MMMA) also belong to the UAW.

In addition, the union has a major presence in the automotive parts industry, including such firms as Delphi, Visteon, Lear, Johnson Controls, Dana, Collins & Aikman, Kelsey Hayes, American Axle, Thyssen Budd Automotive, and numerous tool-and-die firms and suppliers.

Aerospace and Defense: In the aerospace and defense industry, the UAW represents workers at such major firms as General Dynamics, Boeing, Lockheed-Martin, Honeywell, Raytheon, General Electric, Rolls-Royce Allison, Bell Helicopter, AM General (Humvee) and others.

Heavy Trucks: The UAW represents skilled trades and production workers at five leading manufacturers of heavy trucks: Freightliner, Mack, Navistar International, Peterbilt and Volvo North America, as well as engineers, draftsmen designers and other salaried employees at Mack, Navistar and Volvo North America.

Farm and Heavy Equipment: The UAW represents workers at several of the world’s leading manufacturers of farm and heavy construction equipment, Deere & Co., Caterpillar and CNH Global.
 

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so the people who are workin on the vehicles own a portion of the company sounds like they have a reason to make a good product sorry doesnt sound like a bad deal to me
So they didn't have a reason to make a good product before?

I guess it just shows who pulls the strings of the workers. And it isn't the people who actually pay them.
 

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I think it's a great idea. The gig is up for the UAW union workers. This will finally show everyone that the UAW is THE problem for the automakers. Lets see the UAW run a profitable business with the incredibly overpaid union workers and the fat union hierarchy. It's over unless they kill the worker's salary and benefits because the UAW has always been in it for themselves. They contribute nothing to the making of automobiles and it's about to show big time. The parasite is in the spotlight baby. Best Idea yet. It's a shame because I won't be buying a Chrysler or Chevrolet product ever again until they are a publicly (not at all government owned) company.
 

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Not only do the inmates run the asylum BUT now there a friggin majority owner!!

The UAW just kissed there A$$ goodbye and I hope the CAW is smarter than than to settle for us being told to do that.
 
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