It is certainly nice to see that GM is doing an IPO today, now up $2.50. They seem to be manufacturing some nice looking cars now, and I am certainly glad to see that we, the citizens of the US, are going to get some money back.
I will actually consider buying one of their cars and perhaps investing in GM stock, as soon as they pay back their original bond-holders who lost everything (instead of being first in line at the settlement table) when GM and the US Government did their bogus bankruptcy deal. But, I am sure that I will have to wait until hell freezes over.
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Keep in mind that the government seizure of GM was illegal on many points. Not the least of which is that *all* of the original investor's stock was rendered valueless illegally. According to several people I know who are "in the business" (stockbrokers, bondsmen, etc) this was illegal to the Nth degree, and 100% buried by willing accomplices in the 4th Estate. Members of the Obama Administration will probably be prosecuted & serve jail time for this illegal liquidation of stocks held by investors. GM should & most likely will be re-seized by the government & will have to dissolve one of the three remaining divisions left to compensate the original stockholders (w/interest).
ReplyDeleteAs it was explained to me, what the current Administration did was 1000 times worse than what Eron did & no one was willing to stand up and point out this inconvenient truth. Additionally the UAW should be stripped of a minimum of 3% of their GM holdings returning them to minority shareholder status. The additional UAW holdings were bestowed upon them by the Obama administration for their support in the 2004 presidential election.
If you have purchased "new" GM stock, I would sell it PDQ and invest in McCormick spices or Kraft foods - both are excellent performers, and consistently post profits.
Speaking of the UAW - it seemed painfully obvious that the UAW was responsible for the demise of the Saturn division of GM. I have never spoken to a Saturn owner that did not love his or her car which was built, I believe, by non-union workers.
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