ESOP’s Fable — United’s employees own most of the airline. So why are they helping to kill it? By Daniel Gross

Old Blog Import

Turns out, giving employees stocks doesn’t automatically make them act like owners.

Back in July 1994, when United was listing badly, company employees gave up $4.9 billion in wage, benefit, and work-rule concessions in exchange for a majority stake in the publicly held company. They would own the shares through a vehicle called an Employee Stock Ownership Plan. ….

Suddenly, 60,000 of United’s 78,000 workers?