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You and I could not buy this stock, but 60% was sold behind closed doors to Chinese investments. More of our money going out of our economy!
What is going on here?
Seriously??
What the hell is going on?
Do people not see our nations wealth and economy being sold off?
Let's have a link to a creditable source, sorry, but I've seen to many of your threads to take them at face value without some sort of supporting evidence. This is a very reasonable request.
Use our money to build it up and then it is sold off to a majority of Chinese investments, in a private sale.
There have been a couple of people here asking you for your news source, are you ever going to post the URL or just post what you think your read in some web blog?
Use our money to build it up and then it is sold off to a majority of Chinese investments, in a private sale.
True. But that is how typically the IPOs are done. An institution - in this case hired by GM - "shops" the market to evaluate how much demand there is for the stock in order to set the final offer price. During this shopping process, investors are sought. If someone has serious green, they can play. It is far less "private" or hush-hush than most people think. Again, to beileve the 60% number, I need to see a link.
I'm still waiting on a link, the only thing I founds was a reference to Chinese automaker buying a ONE PERCENT stake in GM.
That is what I saw too. One percent. I also did not see anything saying that the public cannot buy GM. As far as I am aware you can pick them up any time you want.
None of those even remotely say Chinese investors have bought 60% of the company and instead they say this:
Quote:
Not long after Chinese manufacturing partner SAIC announced plans to acquire approximately 1 percent of the company
Given that GM and SAIC have two joint ventures which are huge manufacturers in China (including the best selling luxury brand in China, which is Buick) it makes sense that SAIC would help support GM. That said 1% is really nothing.
Among the banks helping General Motors with its initial public stock offering next week are two identified by initials only: ICBC and CICC.
"We expect that a large and diverse group of institutional investors will be offered an opportunity to participate, with no single investor or group of investors receiving a disproportionate share or unusual treatment," the Treasury said in a recent statement.
The U.S. has become a popular haven for Chinese investors, second only to Australia in attracting Chinese stock investments, says Derek Scissors, a research fellow at conservative think-tank The Heritage Foundation. The first half of 2010 was a record year for China, Scissors says. China has sunk $45 billion into investments and engineering projects worldwide. About $1.6 billion of those investments came to the U.S.
Quote:
GM will receive no proceeds from the common stock offering. It plans to use the proceeds from the preferred offering to buy Series A preferred shares held by the U.S. Treasury and make contributions to its U.S. hourly and salaried pension plans.
GM will receive no proceeds from the common stock offering. It plans to use the proceeds from the preferred offering to buy Series A preferred shares held by the U.S. Treasury and make contributions to its U.S. hourly and salaried pension plans.
Yep, the bond holders and the UAW are not selling off their shares just yet and instead all of the IPO is selling are government shares so that the government is reducing it's holdings from 60% of GM to just 33% and gaining over $20 billion in exchange. That means the government will get another $20-$30 billion (depending on share prices) when it later sells off it's remaining 33%. When you include repayments and dividends GM has already paid the government this means the government is going to make a very healthy profit off of it's measures to save the US auto industry. This should be good news to everyone.
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