GM IPO is raising questions, and anger
@thegreatdebater (7316)
United States
November 12, 2010 11:52am CST
GM will announce on Wednesday how many shares it will release for it's Initial Public Offering (IPO). This has upset some who believe that all tax payers should have the right to purchase shares of this because they funded the company. Others have pointed out that by allowing all US tax payers to purchase shares it would be very difficult to do, and might actually put them at risk if the stock price goes down. The ironic part of this is that the US tax payers bailed out the banks, who are going to make huge amounts of money on this IPO of GM, and we the tax payers were NEVER given a chance to purchase stock in their companies. The other point is we the US tax payers subsidize many US corporations, and NEVER get a chance to purchase their stock, and many cost more than what we put into GM (Amtrak anyone?). So if the US government gives money to a corporation, should the US tax payers be allowed to purchase stock in that company in an IPO type sale?
3 responses
@ParaTed2k (22940)
• Sheboygan, Wisconsin
12 Nov 10
Since the New GM was established through theft, the first dibs should go to the people who GMC owed money to.
First they steal GMC and dissolve it. Then they say they did it to "save" it. The taxpayer money that was used to start up The New GMC was supposed to be a "loan", which GM and the Obama administration lied about them paying it back. The only "paying back" that happened was the Obama administration gave the New GM a grant, which GM then used to "pay off" the debt.
This whole fiasco was nothing but lies, corruption and theft, with Obama as the head rat.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
12 Nov 10
Obama lies, saying “Our goal is to get GM back on its feet, take a hands off approach and get out quickly,” Then steals GMC from the stockholders.
http://www.politico.com/news/stories/0509/23165.html
From the GM website, they admit that General Motors Corporation and the new General Motors Company aren't the same thing.
5. What happened to common stock, bonds and other securities previously issued by General Motors Corporation (now renamed “Motors Liquidation Company”)?
All of the publicly owned stocks and bonds previously issued by General Motors Corporation are still securities of that company, but its name has been changed to Motors Liquidation Company. None of Motors Liquidation Company’s publicly owned stocks or bonds are or will become securities of General Motors Company, which is an independent separate company.
Everything about this scam stinks of Obama's corruption.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
12 Nov 10
Oops, here's the second link:
http://phx.corporate-ir.net/phoenix.zhtml?c=231169&p=irol-faq
@lilwonders456 (8214)
• United States
12 Nov 10
hey Ted, got a link for that. I more info on this. More people need to realize that GM and Obama pulled a fast one on us AGAIN.
@thegreatdebater (7316)
• United States
13 Nov 10
Bob, from what I have seen, you know about business. As you can understand the problem in doing so would be how many shares would be issued which could dilute the governments share, and also how do you allow people to purchase the shares without forcing them to jump through hoops. The other problem is that you don't want to have the government involved in the sale, because we are all hoping that they will be done with this deal after the IPO, which is the plan.
@lilwonders456 (8214)
• United States
12 Nov 10
Well if it is a public offering...than can't anyone who wants to buy the stock with their own money? Maybe I am confused on this one.
Also...I think we need to get the government OUT of the private sector as fast as possible so if it helps them pay it all back and get off the government dole than I say go for it. We tax payers should NEVER have bailed them out in the first place.
@thegreatdebater (7316)
• United States
13 Nov 10
Lil, IPO's are actually not open to the public, they are the ultimate who you know game. What happens is the bank the finances the IPO receives a certain number of share to offer to the public, the company, and then usually to the upper management of the bank, or their retail arm. These groups get to buy in a predetermined price. All of which is done as far away from the public as possible.
I agree that we should have them pay the money back ASAP, but we also want to make sure that the government is getting a fair price for our investment.
