GM Files For Landmark IPO to Repay Bailout

[cal04]

Source: Associated Press

General Motors Co filed for an initial public offering of stock on Wednesday, clearing a key hurdle toward repaying taxpayers for a controversial bailout just over a year after its bankruptcy.

Morgan Stanley, JPMorgan, Bank of America Merrill Lynch and Citigroup Inc have been selected as the lead underwriters for the IPO by the top U.S. automaker.

GM's initial filing with U.S. securities regulators did not say how many shares would be sold or give an expected price range for what will likely be one of the biggest IPOs ever.

(snip)
The Obama administration wants to be able to cast the $50 billion GM bailout as a financial success in the face of public skepticism and Republican political opposition.

Read more: http://www.nytimes.com/reuters/2010/08/18/news/news-us-gm-ipo.html?hp

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GM files paperwork for massive IPO
http://www.marketwatch.com/story/gm-seen-filing-ipo-paperwork-wednesday-2010-08-18?dist=afterbell

GM files for IPO that will reduce Treasury's stake
http://www.washingtonpost.com/wp-dyn/content/article/2010/08/13/AR2010081302672.html?hpid=topnews

[Botany]

1. Great News!

That Socialist Obama has helped to save a capitalist biz ..... :rofl:

Freepers heads are SSSSS-ploding right now

[Lance_Boyle]

2. I'll be shorting it from day 2.

GM's future is not bright, mainly because GM's management is not bright.

And repaying what they owe us? That's nothing but a tailpipe dream.

[Botany]

5. They repaid the loan part last spring (and at a profit to us) and they will ..

.... repay (buy back) all the stock owned by the government too again @ a profit for the taxpayers.

[moparlunatic]

8. Not true

They paid back a portion of the loans with bailout money given to them. If they are counting on turning a profit with that crappy "Volt" I wouldn't want to own any of that stock.

[JNelson6563]

3. This is good news

And I seriously hope we can look for more to come.

Julie

[safeinOhio]

4. That is great despite all

of that micro-managing that Obama did to Government Motors. Since the take over they have produce only socialist environmentally friendly cars with 3 or less cylinders that no one wants to buy like the new Camaros. We all know his secret plan was to take over and run all of the auto industry along with the banks.

:sarcasm:

[jpak]

6. Obama Fail

Not

:thumbsup:

[Botany]

7. kicked

:kick:

[sofa king]

9. Dammit! They're taking away my socialism!

I believe my current status as a taxpayer, and the fact that the U.S. Treasury has the largest stake in GM, means this is as close as I'm ever going to come to being a Corvette owner.