Quote:
Originally Posted by GrinderSS
go and buy 18% of the stocks offered in GM's IPO? Now we have an American company that has the following ownership:
45% American government
13% UAW
7% Canadian government
1% Chinese government
10% Former bond holders
24% Private investors
So, I have a question. How does the UAW reconcile the chi-coms owning a major stake in their company when chi-com labor is responsible for so many of their members being unemployed? Clearly the UAW leadership doesn't care about the American and Canadian men and women that makeup it's membership. The UAW seems complicit in reducing the American automotive industry workforce.
|
To answer the question you posed in your title, they didn't
have to. They chose to. Just like all the Americans, Canadians, and anyone else who bought stock. Now, why did they choose to? Probably because they figured it would be a great opportunity and a good investment.
As for the UAW ... if I were a member, I'd be a lot more upset with the trade agreements with Japan, Mexico, and Korea as well as issuing tax incentives for foreign automakers to build plants in the US. But to be upset with GM's (required) joint venture for investing in GM. But as others have said, its not the UAW itself that has partial ownership of GM but rather their retiree healthcare fund. The concerns of the VEBA fund are somewhat different from those of the UAW itself.