I am sooooo pissed that I didn’t buy GM stock when I could have.

With the IPO increasing their cash flow, hopefully the automaker will decide that they’re stable enough to start hiring again in bulk.

Really, really doubt it. The model will be to build cars elsewhere — and even sell them elsewhere. Like your link indicates, they’ve learned to make money without hiring any of us.

I wonder how much of the IPO the Carlyle Group will buy.

The question is not “Will they be hiring again?” The question is “Where will they be hiring again?” India? China? Mexico? Canada? Germany?

This seems premature.

I think it is dishonest for GM to sell shares to widows and orphans with the promise that the bad times are behind it. GM’s recovery is far from complete.

PW, there’s no GM stock until after the IPO. If you had bought the old GM stock it’s worthless.

The first thing GM has to do is pay back the U.S. and Canadian government. Cash flow can’t increase until after that.

Bingo!
My guess is that skillions will be raised, a spin-off of overseas ventures will occur, American operations will wind down. Chinese will be hired – lots of them at low, low wages; and will in turn buy lots of GM product, the stockholders will profit, and American workers will wonder what the hell happened, and real ‘murcans will blame unions and their damn contracts and pensions and what not.
Somebody called this back when Whittacker was appointed GM of GM.
I hope I’m wrong, but this seems to be the trajectory of our vaunted “free-market priciples.”

Why don’t we own 61% of Goldman Sachs?

I’d rather buy a Ford. You know, because they’re not a government-owned basket case.

“The rescue of the auto industry, particularly GM, has been one of the highlights of the Obama Administration’s domestic policy.”

Welcome to the “No Spin Zone” am I at the Bizarro Faux News website.

Does no one remember the Union crony capitalism that went on with this nonsense?

“Current GM bondholders will be offered 10 percent of the firm’s stock plus warrants for an additional 15 percent, in return for their $27 billion in claims.”

“The UAW, by contrast–which is owed some $10 billion by GM for health coverage claims–will receive 17.5 percent of the stock, plus another 2.5 percent in warrants and $6.5 billion in preferred shares.”

For those that don’t know, warrants are essentially worthless, just an opportunity to purchase more stock.

The Unions in comparison to common bondholders received an ownership stake equivalent to 4 times as much equity ownership stake.

Maybe not crony capitalism, maybe crony socialism.

People will disagree with this post, but they also probably don’t understand Chapter 11 bankruptcy. This has never happened in history.

Hopefully that stake will be enough to take care of the workers, because GM is going to continue to move jobs out of America. For instance:

http://www.americanthinker.com/blog/2010/08/gm_announces_major_investment.html

Yup. Bondholders taking a cut larger then the Unions holding GM’s longstanding contracts with the workers and retirement obligations don’t bother me. What bothers me is the government not making it patently clear that the jobs stay in America, new jobs are created in America, and that it works like that for the next decade.

And yes I want that wage pressure to continue for the non union plants for Honda and Toyota in the South. Because idiots that they are they don’t realize that without that pressure their wages are going to be treated like those at the Mott plant in NY. (And those people had a union.)

People will disagree with this post, but they also probably don’t understand Chapter 11 bankruptcy. This has never happened in history.

What’s to undertand? You’re bashing unions.

What bothers me is the government not making it patently clear that the jobs stay in America, new jobs are created in America, and that it works like that for the next decade.

Me, too.

Had I been running this deal, I would have insisted every decision GM made had to promote American jobs. I think that probably would have been politically impossible, though. It would have encroached on the capitalism ideal.

The Obama administration likely was able to loan money to GM only with the understanding, if not the promise, the US wouldn’t take an active role in running GM. As long the US was a passive owner, the Republicans wouldn’t obstruct the deal.

I understand you are a liberal robot. Unions are all sunshine and rainbows, especially when they bend over the American Taxpayer.

GM also eliminated about 100,000 jobs since this recession began, so it’s not like the UAW didn’t get its “haircut.”

PW, there’s no GM stock until after the IPO. If you had bought the old GM stock it’s worthless.

That’s not quite true. There is stock available on pink sheets. Pink sheets (or over-the-counter stocks) are often less liquid than the exchange traded equities. They also have a reputation for being quite risky. That’s often well deserved (many are equities the exchanges won’t list) but there are some significant well functioning companies that trade exclusively in pink sheets.
Your statement is correct though regarding GM stock prior to the bankruptcy. It was all wiped out in the bankruptcy case.

I understand you are a liberal robot. Unions are all sunshine and rainbows, especially when they bend over the American Taxpayer.

Unions are the reason the American taxpayer has enough to making “bending over” worthwhile. Without unions, America would be a feudal society. Its serfs would be owned by the lords and would owe them their very lives. Unions changed that. They made the serfs free men and gave them the power to demand instead of beg.