>>Not only did the employees own the majority of UAL, but they also vetoed any cost savings programmes that would have an adverse effect on their take-home pay and negotiated themselves massive pay increases.<<
Well, maybe a miscalculation but as former UAL ALPA MEC Chairman Rick Dubinsky famously told former UAL CEO Goodwin:
"We don't want to kill the golden goose. We just want to choke it by the neck until it gives us every last egg."