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GM IPO: Looking good

Posted: November 13, 2010 8:14 p.m.
Updated: November 14, 2010 4:30 a.m.
 

News flash for all you “government hands off my Medicare,” “Government Motors” types, and it’s bad: The GM IPO is upon us.

The $450 billion bailout bought the U.S. government 60.8 percent of the company stock, along with Canada’s 11.7 percent and the UAW’s 17.5 percent. The deal is expected to rank as one of the top IPOs of all time by size.

GM executives say the White House has stayed good to its pledge to refrain from meddling in the day-to-day management of this 102-year-old industrial enterprise, quite probably saving the jobs of 600,000 American workers and retirees pensions.

GM Chairman Ed Whitacre, a former AT&T CEO, says the Obama administration has held good to a pledge to let GM run its operations despite a government ownership stake of almost 61 percent. Other insiders also give the White House a clean bill on that claim.

Said one: “Obama is not calling with ideas on the color of the Chevy Volt.”

With the widely acknowledged success of the “new” GM and the rave reviews of its new car line, especially in the quality department, the government involvement in saving this economy ruined by Bush is starting to look pretty good.

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