Labor leaders split over Chrysler sale to Cerberus
Labor leaders in the United States and Canada are split over whether the sale of a majority stake of the Chrysler Group to a private equity firm will protect the jobs of auto workers and their retirement benefits. United Auto Workers President Ron Gettelfinger said Monday that the deal with Cerberus Capital Management LP was "in the best interest of our membership, the Chrysler Group and Daimler" and noted in a radio interview that Cerberus would make additional commitments to the automaker's pension benefits. But Canadian Auto Workers President Buzz Hargrove said he had "enormous concerns" about the deal, noting that many private equity groups have a long-standing history of "job cuts as opposed to job creation."
See "Labor leaders split over Chrysler sale to Cerberus", Ken Thomas, Chicago Tribune, May 13, 2007