I might test drive one of their cars like Lee Marvin did in Point Blank. 
Posted on 11/18/2010 2:55:51 AM PST by Scanian
DETROIT — General Motors' common stock was priced at $33 a share this afternoon as the automaker returns to public ownership in one of the biggest initial public offerings ever.
The IPO brings the U.S. government closer to getting back part of the $50 billion it gave GM to help it through bankruptcy protection last year.
The government will sell 412 million shares and get $13.6 billion. It will still have about 500 million shares, or about 33 percent of GM. It would have to sell them for $53 a share, or $26.4 billion, for taxpayers to get back their $50 billion back.
The government and other GM owners will sell 550 million shares starting Thursday. The IPO will be worth up to $18.2 billion, making it one of the largest in U.S. history.
The stock offering is the latest in a series of head-spinning developments over the past two years for an American corporate icon.
In September 2008, to mark the beginning of its second century, the automaker celebrated in the grand three-story atrium on the ground floor of its Detroit headquarters. GM had seen a lot of changes in its 100 years, said then-CEO Rick Wagoner.
(Excerpt) Read more at nypost.com ...
China will now own GM.
Anyone here going to buy any of those autos?
“China will now own GM.”
GM can do whatever they want as long as the government is no longer owning it. But if they screw up again they can’t expect another bailout with the new GOP House in charge.
I might test drive one of their cars like Lee Marvin did in Point Blank.
What you mean WE?
Only big, institutional investors were given a shot.
At $33 it is a ripoff anyway.
So much for “the party of the little people” looking after the “folks,” as the other BO likes to say.
Which hot-shot investor did I hear say that on Cavuto yesterday?
Sounds like a winner to me.
Now Now KB... I had to google it to get the reference. I need to see this old flick, wow what a cast. Lee was a real man not this Woose we have @ 1600 Penn. If my memory is correct he saw real action in WWII...
China will fire US union labor. It's actually not a bad idea to turn GM over to competent management. They'll do what needs to be done that no POS manager stateside would risk.
Which hot-shot investor did I hear say that on Cavuto yesterday?
Sounds like a winner to me.
I think it was one of his best and I watch often.
GM sounds like the proverbial relative who keeps going back for more money after they keep blowing it.
If there are 500 million shares, why not just give every American a couple shares??????????
Well previous stockholders and bondholders saw the value of their assets go to zero. So this IPO is fresh equity.
I wonder what the firm will be like under new management.
This is WONDERFUL!
I get a chance to use my hard earned money to buy the money that was confiscated from me in taxes to bail out the company.
Have Americans completely lost it??????????????????
We have definitely lost our attention span.
Each and every taxpayer should remember the automaker scam.
And all the Republican dealers that they closed.
This is one of the biggest scams ever perpetrated in America.
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