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"Give taxpayers a shot at GM’s IPO shares! That is, assuming anyone wants the shares. There has been an interesting development of late in the General Motors public offering. It revolves making shares of the IPO available to Joe Public. Effectively, this would allow Main Street America to get shares at the IPO price rather than just the institutions and wealthy investors who have relationships with their brokers. We’ve only put in $50 billion.
"If the government wants this to be run fairly, it could easily use something like the OpenIPO process from W.R. Hambrecht (http://www.cnbc.com/id/15840232?video=1558521871&play=1 - broken link) (< video: "An IPO for the People?"). It would be simple to do and it would severely cut the fees that had to be paid."
I'll give you my take. I own some GM shares that are now worthless. There's an old saying:
"Fool me once, shame on you
Fool me twice, shame on me."
Ain't gettin' fooled twice. Which is unfortunate, as a car guy and long time Chevy and Pontiac fan it pains me to be looking at Ford as the only "native" American care company that didn't screw their shareholders and the taxpayers.
I'm sorry you were still holding the old one -- the one that was hemorrhaging money every single quarter for about ten years -- all the way down the drain.
First, the Administration's Auto Czar elevated the UAW VEBA claim over other equally ranked creditors, including bondholders like me. So I paid for shares that the union ends up with.
Second, the money loaned to GM and invested in their "new" stock came out of my pocket, because I pay a lot of taxes.
To pony up a third time to get the stock is beyond my tolerance. I favored Sen Corker's simple, elegant plan to get the government out of the auto business: send the shares to taxpayers.
I'm hoping everyone who admires the auto bailout loves the stock and bids it up, because supposedly I will end up with some watered-down number of shares in exchange for the bond. Go for it!
First, the Administration's Auto Czar elevated the UAW VEBA claim over other equally ranked creditors, including bondholders like me. So I paid for shares that the union ends up with.
Second, the money loaned to GM and invested in their "new" stock came out of my pocket, because I pay a lot of taxes.
To pony up a third time to get the stock is beyond my tolerance. I favored Sen Corker's simple, elegant plan to get the government out of the auto business: send the shares to taxpayers.
I'm hoping everyone who admires the auto bailout loves the stock and bids it up, because supposedly I will end up with some watered-down number of shares in exchange for the bond. Go for it!
What do you think of the Hambrecht idea? - video above.
Jim Cramer on it: News Headlines (http://www.cnbc.com/id/15840232?video=1560029678&play=1 - broken link)
I'll give you my take. I own some GM shares that are now worthless. There's an old saying:
"Fool me once, shame on you
Fool me twice, shame on me."
Ain't gettin' fooled twice. Which is unfortunate, as a car guy and long time Chevy and Pontiac fan it pains me to be looking at Ford as the only "native" American care company that didn't screw their shareholders and the taxpayers.
I'll agree with this and very well put I might add
What ever happens to the 'New GM' until they get some quality and customer service back we'll be watching this show again all to soon
I'll agree with this and very well put I might add
What ever happens to the 'New GM' until they get some quality and customer service back we'll be watching this show again all to soon
Honestly, I hope you're wrong. In addition to being a shareholder, I used to work for GM and hope to see them thrive, not to mention pay back the taxpayer's money.
However, they have the habit of pouring untold billions of dollars down the PC drain. First it was that foolish EV1 toy back in the early 90s, then hydrogen fuel cells, now the Volt. I'd like to see them focus on conventional powerplants and vehicles and get that right, rather than tinkering with these money pits.
I expect you're right, we'll be seeing a rerun soon enough.
The only reason I would buy any at the IPO is if there is a reasonable probability of selling them the next day at a profit. The track record of auto-company shares as a buy and hold investment is not good. In addition, they still have the unions and I am not convinced that the quality of management is any better than it was. So, all in all .... its a pass
Honestly, I hope you're wrong. In addition to being a shareholder, I used to work for GM and hope to see them thrive, not to mention pay back the taxpayer's money.
However, they have the habit of pouring untold billions of dollars down the PC drain. First it was that foolish EV1 toy back in the early 90s, then hydrogen fuel cells, now the Volt. I'd like to see them focus on conventional powerplants and vehicles and get that right, rather than tinkering with these money pits.
I expect you're right, we'll be seeing a rerun soon enough.
I hope I'm wrong, I'm also a shareholder along with what was the demand notes
I remember in the early eighties an old timer told me when
we all saw the quality slipping that it was the beginning of the end and when the 7.7% came out in '85 it was down
hill from there.
I'll give you my take. I own some GM shares that are now worthless. There's an old saying:
"Fool me once, shame on you
Fool me twice, shame on me."
Ain't gettin' fooled twice. Which is unfortunate, as a car guy and long time Chevy and Pontiac fan it pains me to be looking at Ford as the only "native" American care company that didn't screw their shareholders and the taxpayers.
I'm with you on that..owned GM trucks forever it seems but I won't be looking at them for my next one
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I want the shares without paying a third time...
