Oh, it’s far worse than the UAW owning 55% of Chrysler. Shareholders at GM are going to be screwed as the government gets 51%; UAW get 39%, and the shareholders get 10%, even though shareholders have the same stakehold in GM as the feds do - to the tune of $27 billion.

The UAW is getting propped up; shareholders - the public get screwed, and Obama gets to call this a win-win situation.

GM, meanwhile, continues announcing that they’re killing brands - Saturn and Pontiac are toast.

Chrysler is in even worse shape, and the feds are handing the companies over to the unions as though that will solve things? It wont. The unions knew the costs of doing business all along and still pushed to maintain their benefits and that helped kill the companies.

Now, that they’re in an ownership position, you think any of this is going to change? I don’t.

If anything, it means that the government will be increasing its control over what’s left of the auto industry, and that’s not good for the long haul.