What the UAW will do: The United Auto Workers will own 17.5% of new GM (and get all-but-worthless warrants that could theoretically boost its stake to 20%). That’s already a bad thing. UAW president Ron Gettelfinger noted last week that the union got GM to move production for 160,000 units of its of a small Chevrolet from China to the U.S.

“It should be built here if it’s going to be sold here,” said Gettelfinger. The UAW president is a smart guy but it sounds like he hasn’t been paying attention. Being unable to build small cars profitably is one of the reasons GM got into trouble in the first place. If the union gets to dictate production decisions based on what’s good for its membership, there is no reason for GM to ever emerge from bankruptcy.