GM announced a restructuring proposal earlier today that would basically require them to change their name to “Government Motors,” and now, Chrysler is out with their plan, which hands the majority of the company over to not the government but instead the brotherhood of auto workers:

The United Auto Workers union would eventually own 55% of the stock in a restructured Chrysler LLC under the deal reached by the union and the auto maker, according to a summary of the agreement that was reviewed by the Wall Street Journal.

The summary also says Fiat SpA will “eventually” own 35% of Chrysler, and that the U.S. government and Chrysler’s secured lenders together will end up owning 10% of the company, once it is reorganized.

The summary was distributed Monday afternoon at a gathering of union leaders to discuss the pact. The deal was announced Sunday night. The UAW aims to have Chrysler workers vote to ratify the agreement, which requires changes to the union’s current contract with the company, by April 29.

I have no idea what that “eventually” means, or even why it is in quotes in one paragraph and not in the other one – and hopefully it means “sometime soon,” not “ideally by 2047″.  I could be all TEH WORKERS CONTROL TEH MEANS OF PRODUCTION OMG SOCIALISM HAZ COME TO ROOST, but, any plan where the government takes a 10% stake makes me a lot happier than a plan where the government takes a 51% stake, so I am going to not mock this too harshly. Incidentally, it’s worth mentioning that I’m now reading that GM’s plan gives the UAW a 39% stake, but that would still make the union second in line to the government at GM.

Also, look at those dramatic cuts the UAW has agreed to. They’re giving up their Easter Monday holiday for two full years, and agreeing to not be paid overtime unless they pull more than 40 hours in a week. Kinda makes me wish… well… nah, I’m not gonna go that far.