Ungrateful ‘Government Motors’ Ready to Go Public Again
Posted on Aug 18, 2010
GM’s outgoing CEO likes to complain about the government’s 61 percent stake in the reborn company, but thanks to all that Washington meddling, GM has gone from losing $88 billion over four years to making a couple of billion in six months.
That’s good enough to raise the possibility that GM’s upcoming initial public offering might be the second-biggest ever.
Let’s hope it doesn’t screw it up this time.
By the way, we know a few homeowners who wouldn’t mind the type of government interference/bailout GM has been made to put up with. —PZS
New York Times:
General Motors filed paperwork on Wednesday to become a public company again and let the federal government begin selling down its stake in the carmaker.
In the filing, G.M. did not disclose the number of shares that it planned to sell or a price range, but the offering has the potential to be the second largest in United States history, after the credit card giant Visa, which raised more than $19 billion in March 2008.
Flickr / Brian Cantoni (CC-BY)