The UAW took a big risk in converting much of its $20 billion retiree health fund claim into stock;it trimmed benefits for retirees, and more cuts are probably coming.

• 联合汽车员工将200亿美元退休人员医疗基金转换成股票，冒了很大的风险，这将削减退休人员福利，未来还可能有更多的削减。