General Motors' (GM -1.8%) IPO has provided a big payday to the United Auto Workers union, which...

|About: General Motors Company (GM)|By:, SA News Editor

General Motors' (GM -1.8%) IPO has provided a big payday to the United Auto Workers union, which gambled that a stake in the once-bankrupt automaker would help fund the health care of its retired members. The independent trust for UAW retirees sold 89M GM shares in the IPO, yielding the fund about $2.9B.