Reports indicate that the deal the United Auto Workers has struck with Chrysler will include majority Union ownership of the company, and a seat on the Board. This is the single best news the American auto industry has heard in decades.

I have been a harsh critic of auto unions, which have imposed uncompetitive cost structures and work rules on the American auto industry. When it was unions against management, the unions had every incentive to push for more and more until there was nothing left.

Union majority ownership of Chrysler hopefully will force the UAW to act in the company’s best interests, even if against the short-term financial interest of union members. No more excuses. If Chrysler fails, it will be the failure of the UAW without question. If Chrysler succeeds (and I hope it does), it will be the success of the UAW.

It is unfortunate that we have come to this point, but better late than never.

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