Posted on 08/05/2010 5:04:27 PM PDT by Sub-Driver
G.M. Pushes for U.S. to Sell Entire Stake at I.P.O. By NICK BUNKLEY
TRAVERSE CITY, Mich. — Eager to shed his company of the stigma of being government owned, the chief executive of General Motors, Edward E. Whitacre Jr., said Thursday that G.M. wanted Washington to sell its entire stake during an initial public offering.
“We want the government out, period,” Mr. Whitacre said in comments after speaking at an automotive conference in northern Michigan. “We don’t want to be known as Government Motors.”
Through its sponsorship of the automaker’s bankruptcy last summer — including more than $50 billion in loans — the Treasury Department holds about 61 percent of G.M. Analysts have been expecting G.M. to sell part of its shares during the initial offering, but Mr. Whitacre said the company anticipated selling them all at once.
Eliminating government ownership, he said, would be good for employee morale and would improve G.M.’s image. While unusual, selling all the shares during an initial offering is not unheard of. The credit card giant Visa raised about $19 billion during an offering in March 2008. The risk of a large offering, analysts said, is that interest among buyers could wane as the sale approaches, causing the price to fall. A Treasury spokesman, Mark Paustenbach, declined to comment on Thursday. The department issued a statement in June saying that G.M. would control the timing of the offering but that the Treasury would “retain the right, at all times, to decide whether and at what level to participate in the offering, should it occur.”
(Excerpt) Read more at nytimes.com ...
The Volt
LOL
“We don’t want to be known as Government Motors.”
Wel, how about we call you Union Motors?
Ditto! Shezzam!
HA...don’t like being “married to the MOB, huh?
GM signed the deal with the devil. The government will never leave.
The UAW wants to sell out their shares so they can start striking again.
People just aren’t buying GM. They are buying Ford instead because they didn’t take the bail out and they fought their way out of financial trouble. GM caved. Who wants to buy a vehicle made by the government and the UAW?
Somebody has been listening to Rush Limbaugh.
With the current administration, I don’t see a whole lot of difference...
Sorry, to late for that GM.
Anyone in China interested? I thought not.
ROTFLMAO! What America wants!s/
They are digging their own grave with the stupid Volt and they know Americans are pissed at GM management, the Obummer Administration and the blood sucking unions.
Too late Government Motors. The die is cast. You had your chance to tell Zero to shove it and file for bankruptcy. Had you done that you would have earned my respect.
Instead you stole from me and my progeny, and you will never pay me or them back.
In addition, you went on TV to say that you had already paid that money back, when everyone knows you have not “earned” one red cent since going on the government dole.
Shove it, forever! I’ll buy a Ford.
“Treasury would “retain the right, at all times, to decide whether and at what level to participate in the offering, should it occur.”
Obozo and his crew are still calling the shots.
As long as I can still buy parts for 20 yr old
Suburbans at a nearby dealer I’m happy.
So do I. Guess what, the Gov't still won't get out of MY business; you think their gonna get out of yours; NOW?!!!
My next car WILL NOT be built by the UAW...period.
Too late you SOB. I will never, EVER, purchase another GM vehicle. GM shall forever be known as Government Motors. Millions of productive, car-buying citizens feel the same way, I’m certain.
My wife and I bought 14 new GM cars/trucks in the past 25 years.We will never buy another GM product as long as we live.
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