Skip to comments.Former car czar: Too soon for U.S. to sell GM (GM still owes taxpayers $27 Billion)
Posted on 05/01/2012 7:22:21 PM PDT by tobyhill
Obama's former "car czar" and Willett Advisors chairman Steven Rattner said now is not the time for the U.S. government to sell its stake in General Motors.
Any sale should wait until 2013 or even 2014, said Rattner, who led the Obama administration's restructuring of General Motors (GM, Fortune 500) and Chrysler from 2008 through 2009..
"I personally believe there's a lot of value in GM stock that's been badly treated by Wall Street," he told CNNMoney at the Milken Institute Global Conference in Los Angeles.
Shares of GM have dropped roughly 30% since the automaker went public in November 2010. "The Treasury always assumed it would hold onto it for awhile maybe as long as five, six, or seven years," said Rattner.
(Excerpt) Read more at money.cnn.com ...
GM should be broken up and the pieces sold off.
GM bailout was only good for those who had connections...
WSJ:Moraines workers got nothing in the bankruptcy deal. Their plant, which had closed months earlier, was ultimately sold to a developer. The workers were barred from transfers to UAW plants, as were thousands of others who had worked for Delphi Corp., GMs former parts arm.
And the proceeds given to the original bond and preferred stock holders.
Just seeing “GM” is like waving a red flag in front of me.
I detest that company and all they stand for.
I have long felt that what happened there had long reaching and profound effects on the economy.
What investor in their right mind could look at that situation, and feel good about their investment?
That demonstrated that contracts no longer have any meaning whatsoever. They can be reinterpreted or ignored.
Seeing that, people will find other things to do with their money.
I’m getting so sick and tired of hearing about how good GM is doing when they still owe the taxpayers.
but...but...but...they paid that money back
It’s incredible that there are serious investors with money in the once venerable GM and I have some of my money in a startup that may soon exceed GM in value.
“I personally believe there’s a lot of value in GM stock that’s been badly treated <<<
Tell the bond holders that....about being badly treated as to established law!
THERE IS NO GROSS PROFIT FOR DEALERS....wait a year, and watch them fold.
” “I personally believe there’s a lot of value in GM stock that’s been badly treated by Wall Street,” he told CNNMoney at the Milken Institute Global Conference in Los Angeles.
BS....as a former car dealer....listen....the stock is worthless.
It’s closer to $50 billion.
I have owned GM cars all my life, but I will never own another one. I will buy anything rather than a GM product.
No. Car companies got in trouble because they've been bending over and taking it from the unions. The GM bailout protected the UAW from having to make any concessions... we're now on the hook for their benefits packages. Wake me when we do something about it.
Steve Rattner is the guy who put the list together. Well he happens to be married to a Maureen White. Maureen happens to be the former national finance chairman of the Democratic National Committee. As such, she has access to campaign donation records from everyone in the nation, Republican or Democrat.
Ummm ... YA THINK ??? !!! Considering GM IPO'd at about $33/share and closed today at $23.40 ...
Dumb Ass !!!