My new car built in Georgia.
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 ...
My son just graduated from a automotive technical school in May and is an entry level auto technician with the 2nd largest Ford dealership in NJ. He came home last night and said that they are so busy with new car preps and maintenance that they have to either turn business away or schedule weeks in advance. Great for job security!
The only downside in my book is that he received his UAW union card in the mail this week... I can't stand the UAW.
“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.”
Exactly. Your past is known. No hymen-restoring surgery for you.
You tell your son what that card really represents. I understand he has to have it in order to work, but make sure he understands what they are willing to do to this country.
BULLDROPPINGS
LOL! So they can screw over investors a second time?!?
Look for the Union Label....then, buy something else.
Americans sunk this little piece of Obamafascism. Now if we could gouge his banksters and other corporate pigs...
After that POS Whitacre went on TV and lied to America I will never trust him or care about what he has to say. GM is dead to me.
As much as I hate to say it (my dad was a loyal UAW worker) that is the way to go.
We should probably go a step further and not buy any Union produced goods. The Unions are corrupt and meddle in politics to the detriment of the country.
Lie down with dogs get fleas.
My new car built in Georgia.
Sorry, Bud, but you own the name Gubmint Motors now. You ain’t gettin’ rid of it any time soon. Your company is forever known as Gubmint Motors. Shoulda’ thought of that before you took the Gubmint Money.
You may get the gobmint’s stake out in an IPO, but in the public’s mind you are forever truly Gubmint Motors.
Live with it. Love it. Eat it.
The Government - We taxpayers - assumed/paid off GM’s debt. If this debt were still on their balance sheet GM would be bankrupt or at least unable to make any kind of I.P.O. with a positive price per share.
They will always be Government Motors. May they go out of business as soon as possible.
Allied-Signal (now Honeywell) had a crazy loser CEO back in the 80s who overpaid for Signal, then floated an idea past Lee Iacocca head of Chrysler to make a bid for GM, it would only be 40 billion or so.
That would have been overpaying big time. Heck, I wouldn’t even touch GM stock at the bottom.
Hope springs eternal but I give them the same advice I gave a stupid boss one time: Go up on the roof, take the short way down and aim for the concrete.
My family have been GM customers for three generations. But our latest vehicle was a Ford. We will never go back.
GM is dead to me. I’d like to buy a new truck but won’t even consider a GM.
Read my tag line
Sorry GM, my next vehicle will be a Ford.
You took Obama’s money, which Obama took from me, my family, my neighbors, my friends and my descendents. That money, which we worked hard for is gone forever and you’ll never pay it back.
GM, I hope you you enjoy the next 2 or 3 years, because after that you will be gone and only the shells of empty factories will be left along with a warehouse full of batteries for a $61,000 electric lemon that nobody wants.
Now here is the chance for the U.A.W. to step up and buy G.M. I would actually respect them for doing that. The negotiating table would take on a whole new shape.
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