Workers To Control Chrysler

The Financial Times is reporting that under a restructuring deal for Chrysler, the United Auto Workers (UAW) will own 55% of the auto company’s stock, Italy’s Fiat will get 35%, and the remainder will be divvied up between the company’s secured lenders and the federal government.

As part of the deal, the reformulated company will cut its contribution to the employee health care fund by half, and Fiat will contribute its “know how” and technology, but no cash.

The worker revolution seems to have come not with a bang but with a whimper.