# General Motors Files for IPO; Says Buh-Bye to Socialism



## AutoGuide.com (Jul 6, 2010)

General Motors has just announced the filing of papers with the Securities and Exchange Commission for an Initial Public Offering (IPO) that will see the company handed back over to investors and removed from government control.

Including in the filing are plans for preferred stock that carries with it both debt and equity and also has priority in a bankruptcy situation.

According to a Bloomberg report, GM hopes to generate $16 billion by the IPO, selling off roughly a fifth of the stock currently owned by the U.S. Treasury. This would then make the government a minority shareholder in General Motors and is likely to be followed by continued sell-offs until GM is entirely out of government hands. Currently the U.S. government owns a 61 percent stake in GM.

GM has already paid back the $6.7 billion in loans it received from the U.S. and Canadian governments, however, that amount is only a small portion of the almost $50 billion bailout GM received.

More: *General Motors Files for IPO; Says Buh-Bye to Socialism* on AutoGuide.com


----------



## Enigmatic Psychotic (Sep 11, 2009)

Followed by the resurrection the Pontiac brand?!?!?!


----------



## Mike_V (Mar 10, 2006)

They're just ready for the huge bonus days again - nothing more to it.


----------



## ALKYGTO (Mar 29, 2010)

Enigmatic Psychotic said:


> Followed by the resurrection the Pontiac brand?!?!?!


Would'nt you rather have a Buick? lol, *NO!*


----------



## damantx (Aug 24, 2010)

AutoGuide.com said:


> General Motors has just announced the filing of papers with the Securities and Exchange Commission for an Initial Public Offering (IPO) that will see the company handed back over to investors and removed from government control.
> 
> *Including in the filing are plans for preferred stock that carries with it both debt and equity and also has priority in a bankruptcy situation.*
> 
> ...


I had preferred stock in the last bankruptcy and got shafted, so why should anyone buy it now. I love the old GM, but now they are ran by the union and that dose not make me confident at all.


----------



## buffgunner (Mar 23, 2010)

damantx said:


> I had preferred stock in the last bankruptcy and got shafted, so why should anyone buy it now. I love the old GM, but now they are ran by the union and that dose not make me confident at all.


 The union made out OK. You and other legit investors were screwed so the adminitration could give the union a large stake. They'll wind up making big dollars at your expense. Ain't socialism great!

...and then, notice that all the things that really led to GMs downfall remain in place - except who owns it.


----------



## GTO JUDGE (May 14, 2005)

I am through with GM and Chrysler for that matter until they are BOTH fully sovereign from the FEDS.

This "President" as ordered NO MORE drilling for oil in the gulf, off the coast of Florida and Alaska for the next 7 years. Meanwhile foreign countries are still permitted to drill in the Gulf and off the coast of FLA. This move is not for SAFETY, his motive is simple, he hates OIL, PERIOD. 

While workers are losing their jobs watching foreign countries drill in US waters the price of OIL, and GAS will rise take a look they already are. So the question is ..... WHY? To make YOU buy what they are demanding GM build, VOLT like cars. This all ties in to cap and trade etc. The FEDS are dictating GM build "green" cars. The attempt to ween the American Citizen from oil is a pipe dream. The hatred for oil, cap and trade, ownership of car companies, your choice is being limited by the FEDS. IF you want a GM or Chrysler car, you will be forced into their indoctrination. NOT ME.

The FEDS have long wanted to finally be in a position to dictate to the American Automaker. By bailing them out, they are in the drivers seat. 
They want to remain that way and the bold faced lie by the GM CEO stating they repaid the loan to the FEDS with interest was just that A LIE. It was a slight of hand, money going from one pocket to another, an illusion. Only those not knowing the score bought that.

Unions are benefiting from this. Pensions, and gratuities from the FEDS guarantee them benefits. Do I want to give my money to this? NO. GM should have gone into bankruptcy and reformatted. The PRO UNION administration bailed them out to protect UNION jobs. Now as a result, the UNIONS are emboldened and reaping the MONEY you give GM. I won't patronize them. I am not in the market for a new car, if I were, FORD would be my first consideration. This is all Political and I am not a fan of the dog and pony show.


----------

