And guess who is buying the Volt. GM is giving them to employees as test cars and our states will buy fleets. The consumer market?? THERE IS NONE!!! Why are they building these things?? You can only go 40 miles before you need a charge.
Zero screwed the bondholders and saved the union. GM should have gone thru bankruptcy; reorganized under competent management and de-certified the union.
The only thing that would suprise me is if Obama ever told the truth.
Amen. We have a long-established process in this country for reorganization including a specialized court system that has developed decades of experience. All that was bypassed. Anyone with half a brain realizes that it was a political payoff to the UAW. If GM had gone into Chapter 11, it would have survived but the secured creditors would have received more than the Obama supporters.
Notice how we NEVER hear about the other zombie, Chrysler?
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Obama is wrong.
The $40 billion did not save GM, bankruptcy did,
and a legitimate bankruptcy process did not need the heavy hand of Obama’s Czars in there on the side of the UAW - GM would have got a better deal in bankruptcy WITHOUT Obama helping the UAW in the process,
and the $40 billion - IF it was truly needed - should have been a long term loan, not an “ownership” investment, which over time would have returned not only the $40 billion but interest as well.
yah. Let’s see how sales of the Volt affect that IPO everyone was getting all moist about today. So far, GE is the only customer and they will probably finance a significant portion of the cost through tax cuts/breaks/credits and/or direct handouts from the US Treasury.
So if the IPO goes into the crapper, will Helicopter Ben go in and buy up a bunch of GM stock??
Can’t happen you say??
Goverment Motors and Chrysler are Walking DEAD corporations. In a few years (maybe 4) they are going tobe in the same position they were in 2008.
The GM stock is a pump and dump stock it will below 33 at the end of the first quarter of 2011.
FUBO and Geithner too.
Who is 'our'?
He saved them from Chapter 13, which would have allowed them to reorganize and renegotiate contracts.
Which means, he didn’t save them. He stole them. And then sold them to China.
Hey, you stupid fool King Obama. Tell you what, how about giving me a few million and I guarantee I will save my extended family. They are really hurting and I just don’t have enough to save them all. You ungrateful piece of junk.
Day’s Range: 33.89 - 35.99
52wk Range: 0.27 - 35.99
Volume: 456,943,420
Avg Vol (3m): 58,714,700
Market Cap: N/A
P/E (ttm): N/A
EPS (ttm): N/A
Div & Yield: N/A (N/A)
What took him so long? I thought he would have been on TV ringing the opening bell.
Bullshit. For the first time in the American history, US courts stripped secured creditors of their collateral stake in a US business to sate the demands of an unsecured creditor, in this instance, the unions.
More than that, this administration stole from the American taxpayer to give directly (in the form of ownership equity) to a union. Where does this end? How many other business will be nationalized under some guise of "emergency" to strip owners of the equity, and then to repatriate that equity to political allies.
GM "bailout" was one of the darkest events in the history of the Republic. The government under color of law stole from American citizens to reward political allies. It's sickening.
The leftist media is gushing about the tremendous success this IPO was. The AP article conspicuously fails to mention that the stock opened at 35 and sank steadily throughout the whole day,closing at 34.09. Thus almost everyone who bought the stock on the open market today lost money.
To me, this was a really awful first day performance of a supposedly hot IPO, and doesn’t seem to bode too well for the stock in the coming days.
Pulling back?
It had a straight line sinking trajectory (against the upward tide of the overall market, IIRC) for over the last half of the trading day.
If you bought GM, this is what you absolutely do not want to see.
A lot of investors will joining the "pull back" before it becomes a swan dive, IMHO.
(Note, I'm not a broker and I don't give investment advice. Do your own dd before making stock market moves.)
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And I’m boycotting them.
Hasn’t GM been given a pass on paying several BILLION in income taxes?