Anyone buying GM Stock in IPO?

[Brokinarrow]

Originally Posted by jrc1122

I'm not buying shares of GM until it proves itself, and it hasn't done so (IMO)

I mean if you count that commerical where they mislead us about how they paid back the bail out already. When in fact they simply shuffled other government funds. IE TAX payer's money, from one side of the sheet to the other.. Then yes they have proved themselves.. Proved to be liars.

But that is all the proof I need to steer clear of GM right now.

So the quality of vehicles that GM is putting out now doesn't prove anything to you? Are your eyes open? Do you have a bridge you need to return to guarding?

[DGthe3]

General Motors Company has paid back their loans ahead of schedule, with interest. Saying anything to the contrary is proof that you don't quite understand the facts of the situation

When General Motors Corporation went bankrupt, they were split into two companies: Motors Liquidation Company and General Motors Company. Motors Liquidation Company is the continuation of the former General Motors Corporation and they were the ones that received most of the loans from Bush and Obama. It is my understanding that they will pay back whatever they can as they liquidate themselves, but this will not amount to very much.

General Motors Company (new GM) was created little more than a year ago, and at the time received loans from the US, Canadian, and Ontario Governments. These were paid back several months ago, years ahead of schedule. So when the CEO Ed Whitacre said they've paid their loans back, it was absolutely true. They are owned by the US, Canadian, and Ontario governments as well as the UAW VEBA fund and bond holders from Motors Liquidation Company. When the government owners sell their stock, it is hoped that they will get back approximately the same amount of money as was loaned to old GM in 2008 and 2009.

[DGthe3]

Originally Posted by 1bad65

Correct. But who is even more powerful than a company's CEO?

Chairman of the board?

[1bad65]

DG,

When do the former GM shareholders (now shareholders of Motors Liquidation Company) get their money back? What the Government (and GM's current management went along with this) did those people is a disgrace, and imo a crime as well.

[1bad65]

Originally Posted by DGthe3

Chairman of the board?

The Board of Directors. But yes, you get the idea.

So how did every current member of that Board get appointed to it?

[DGthe3]

Originally Posted by 1bad65

DG,

When do the former GM shareholders (now shareholders of Motors Liquidation Company) get their money back? What the Government (and GM's current management went along with this) did those people is a disgrace, and imo a crime as well.

To my knowledge, they can sell their shares at any time they want and get back as much as they can. Motors Liquidation Company shares are currently at $0.75

Originally Posted by 1bad65

The Board of Directors. But yes, you get the idea.

So how did every current member of that Board get appointed to it?

Here is the board: http://www.gm.com/corporate/about/board.jsp
From what I see, there are a couple academics, and some from other companies. I don't see Obama's name on there or anyone who were pulled from the Treasury department or any other part of any government. So I don't see any valid argument for GM being run by the government.

[Mr. Wyndham]

Originally Posted by FenwickHockey65

OMG! He's next to a Focus EV! He must be running Ford too!!!

Originally Posted by Xanthos

I agree 100% that GM paid off bailout money with other bailout-related money.

But what actually happened was that GM paid off their loan with money from the stock sale. That money belongs to GM with no strings attached other than the government getting a profit or loss depending on how the stocks do. Just like any other investment. They are completely within their rights to use investment money to pay off a loan. GM didn't "hoodwink" anybody. They paid off their loan, early and with interest, and stated as much.
- X

Did you steal that paragraph from my brain?

[jrc1122]

Originally Posted by Brokinarrow

So the quality of vehicles that GM is putting out now doesn't prove anything to you? Are your eyes open? Do you have a bridge you need to return to guarding?

Copy... Don't worship at the alter of GM... get called a troll.

Face it. Some people don't agree with you.. It doesn't mean I am here to stir up trouble, or to argue for the sake of arguing. Or whatever else the term Troll means..

I have my opinions, which I base off of personal experiences, and research, and personal likes and dislikes. And you have yours based off of whatever it is you base your opinions off of.


One thing I find funny is: I have noticed that when I am complementing the Camaro on the aspects that I really like about it.. Then I get "+1", or "I agree", or "my thoughts exactly".

But if I say anything that is critical of of Camaro, or GM product in general, people jump so quick to get angry, call me a troll, etc.

It is quite comical if you really think about it.

[a_Username]

Originally Posted by DGthe3

General Motors Company has paid back their loans ahead of schedule, with interest. Saying anything to the contrary is proof that you don't quite understand the facts of the situation

When General Motors Corporation went bankrupt, they were split into two companies: Motors Liquidation Company and General Motors Company. Motors Liquidation Company is the continuation of the former General Motors Corporation and they were the ones that received most of the loans from Bush and Obama. It is my understanding that they will pay back whatever they can as they liquidate themselves, but this will not amount to very much.

General Motors Company (new GM) was created little more than a year ago, and at the time received loans from the US, Canadian, and Ontario Governments. These were paid back several months ago, years ahead of schedule. So when the CEO Ed Whitacre said they've paid their loans back, it was absolutely true. They are owned by the US, Canadian, and Ontario governments as well as the UAW VEBA fund and bond holders from Motors Liquidation Company. When the government owners sell their stock, it is hoped that they will get back approximately the same amount of money as was loaned to old GM in 2008 and 2009.

I, at the risk of sounding optimistic, believe the government will get the amount invested into GM back, but I'm doubting citizens will ever see that money.

[Berean]

Originally Posted by DGthe3

Here is the board: http://www.gm.com/corporate/about/board.jsp
From what I see, there are a couple academics, and some from other companies. I don't see Obama's name on there or anyone who were pulled from the Treasury department or any other part of any government. So I don't see any valid argument for GM being run by the government.

You're kidding right? The Treasury Dept appointed 10 members of the board. For those who may be unaware, the Treasury Dept is part of the Federal Government, and the Secretary of the Treasury is a cabinet member of the Obama administration.

You might want to check this out: http://www.nytimes.com/2009/07/24/business/24auto.html

Some excerpts:

"The Treasury has appointed a total of 10 members to the new G.M. board."

"The Obama administration wanted nearly a clean slate of directors to ensure that the company would move away from practices that led to its downfall and last month’s bankruptcy filing."

The Obama administration wanted....... Really? That sounds kind of like they control it.

[1bad65]

Originally Posted by Berean

You're kidding right? The Treasury Dept appointed 10 members of the board. For those who may be unaware, the Treasury Dept is part of the Federal Government, and the Secretary of the Treasury is a cabinet member of the Obama administration.

You might want to check this out: http://www.nytimes.com/2009/07/24/business/24auto.html

Some excerpts:

"The Treasury has appointed a total of 10 members to the new G.M. board."

"The Obama administration wanted nearly a clean slate of directors to ensure that the company would move away from practices that led to its downfall and last month’s bankruptcy filing."

The Obama administration wanted....... Really? That sounds kind of like they control it.

Thank you. Also, Bob Lutz admitted the Government appointed EVERY MEMBER of the Board. It was on CNBC on 7/22/2010. And that news was posted by a Camaro guy.

Originally Posted by UCI CamaroFan

Bob Lutz on CNBC yesterday said that the GM line is the strongest that it's been in 50 years.

At the same time, he did admit that GM = Government Motors. He said that the board of directors were all appointed by the government, and he said that because of that, the government has given its approval of the purchase of the finance agency.

So since the Government appointed the entire Board of Directors, and the President hand-picked the current CEO and said Board appointed him, saying the Government is running GM would be a true statement.

[Berean]

Also: http://online.wsj.com/article/NA_WSJ...143874411.html

Article text:

President Obama announced the bankruptcy of General Motors yesterday before GM's CEO even spoke, and the feds will soon own 60% of the company. But whatever you do, please don't think the government is now running GM.
"What we are not doing -- what I have no interest in doing -- is running GM," Mr. Obama said in yesterday's bankruptcy announcement. "When a difficult decision has to be made on matters like where to open a new plant or what type of new car to make, the new GM, not the United States government, will make that decision."

Editorial Board Member Brian Carney explains how busy the Obama Administration has been not running General Motors.
The President is so busy not running GM that he had time the night before to call and reassure Detroit Mayor Dave Bing about the new GM's future location. GM is being courted to move its headquarters to nearby Warren, Michigan. And Mr. Bing told the Detroit News that he had received a call Sunday evening from the President "informing me of his support for GM to stay in the city of Detroit with its headquarters at the Renaissance [Center]."
The newspaper went on to report that "The mayor said he's more secure in knowing GM will stay in Detroit, a move paved by several conversations Bing and his administration had with several top White House officials in recent days."
We don't know whether GM should stay in Detroit. But we do know that the location of a company's headquarters is one of those decisions typically not made by people who are busy not running the company.

[Loud Pedal]

Hey at least all that money they got from the taxpayer is going to good use building new plants and creating jobs...








... in Mexico.

http://www.nytimes.com/2006/07/20/bu...r.2254475.html

[FenwickHockey65]

Originally Posted by LOUDPDL

Hey at least all that money they got from the taxpayer is going to good use building new plants and creating jobs...








... in Mexico.

http://www.nytimes.com/2006/07/20/bu...r.2254475.html

Sure, completely ignore the fact that GM's built a new battery assembly facility in Michigan and hired thousands of Americans back to work.