GM at work on IPO filing but not ready yet: CEO

Yahoo News ^ | 8/5/2010 | David Bailey and Bernie Woodall

[SargeK]

"General Motors Co has begun work on the paperwork for an initial public offering of stock that could be the largest ever for the U.S. market..."

[SargeK]

Quote from CEO Whitacre: "We want the government out, period. We don't want to be known as Government Motors,"

They want a BIG IPO. Who wants to buy into this, considering what happened to the old GM shareholders and the Chrysler bondholders?

Plus, even if the regime reduces their holding below 50%, they will still control the company. Who can put together a shareholder coalition big enough to out-vote them? It seems to me that a lot of big companies are controlled by single digit percentage shareholders, simply because they control more votes than does any other bloc.

[DManA]

Are you kidding? I want a piece of that Chevy Volt action.

</sarcasm>

[battlecry]

Didn’t he make those commercials claiming they paid all the money back? What’s the problem then. Make another commercial claiming their IPO was a success.

[OldMissileer]

Oh, sure. I'm going to buy a chunk of this new crap and when GM still can't get their act together, and the UAW flexes its muscle and tanks the company again, I'll smile as Obambi steps in and takes my legal claims as a share holder away.

[rednek]

After the screwing stock and bond holders took with this company, they really think people are dumb enough to jump and buy this piece of $#!+...... red

[Frantzie]

The UAW stole the company from the bondholders.

“It seems to me that a lot of big companies are controlled by single digit percentage shareholders, simply because they control more votes than does any other bloc.”

Saudis and Fox News/News Corp? Oh I will get attacked for saying that. The other networks are worse.

[truthguy]

The Market will speak a lot louder than those making posts here. GM's future is very bright if they continue to stay on the present course. GM was working hard to reduce their cost structure when they got clobbered by this recession. If not for that they just might have been able to make it without the bailout. New employees are paid substantially less than legacy employees. They are working hard and have an excellent chance. They have many excellent new products with more in the pipeline.

Good luck GM.

[Recovering_Democrat]

This is a farce. They should’ve been divested years ago. The very INTRUSION of government into that company has tainted the business.

If this IPO fails, then what? Hussein buys the shares?

What if the company fails again? Government takes the tax dollars paid by Ford and Nissan and Toyota and bails out the union?

Screw it.

I love Cadillacs, but I won’t buy one ever. (My dad always drove luxury cars—Cadillacs or Lincolns if he could. I drive a FORD now, and just bought a nice used Lincoln.)

GM and Chrysler, you’re dead to me. Damn shame, too.

[Hildy]

I have a question for eveyone...who votes on behalf of the government? On the board ... who votes?

[SargeK]

Good luck, indeed. They will need it.

IF the company could stand on its own, compete and win, I’d say “Great!” But, do you really think that will happen?

With the regime still in control, decisions won’t be made for sound business and economic reasons. They will be made for political reasons and to please the leadership of the UAW. Until such time as the government gets COMPLETELY out of the ownership, that’s the way I’m afraid it will be. I would not want to be a shareholder in a company whose management didn’t have my interests as their priority.

[Hildy]

I have a 2008 Cadillac CTS and I love it, but I would NEVER EVER buy one now.

[Gaffer]

Just a BS way for the government to get your money. Money that doesn’t still have wet ink on it like the toilet paper the Fed is printing now. Anyone that buys their stock deserves to lose it, period.

[Huskrrrr]

I’m doubling down on my Ford stock.

[dogcaller]

Anybody owning an index fund will own a piece of this zombie outfit...an IPO would be another shell game fraud purloined on the long suffering American public by our elite ‘leadership’ class. Educate your neighbors, colleagues and relatives now and see that they vote in November.

[LonePalm]

When do the bond holders get their money back?

Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)

[avacado]

"Who wants to buy into this, considering what happened to the old GM shareholders and the Chrysler bondholders?"

Exactly! Obama showed all of us that there is no such thing as a secured creditor. Sorry GM, maybe China or India will buy you in 5 years if there is anything left of Government Motors!

[Eric in the Ozarks]

They’d be better off setting up a sidewalk fruit stand.

[pogo101]

Why would anyone invest in Government Motors?

[avacado]

"The Market will speak a lot louder than those making posts here. GM's future is very bright if they continue to stay on the present course. GM was working hard to reduce their cost structure when they got clobbered by this recession. If not for that they just might have been able to make it without the bailout. New employees are paid substantially less than legacy employees. They are working hard and have an excellent chance. They have many excellent new products with more in the pipeline. Good luck GM. "

LOL!!! Here are the GM executives getting out of a Chevy Volt before a congressional hearing. Would you buy that junk?

[pogo101]

You raise a good point about index funds being required to own it, lest they violate their charter. It’s a good reason why I’d prefer a “mildly managed, index-lite” fund in which the low-fee managers are allowed to “veto” otherwise-required stocks if the managers’ judgment strongly militates against buying those stocks. GM is a suckers’ bet.