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  • odummbo odummbo Oct 14, 2010 9:07 AM Flag



    DETROIT -- When General Motors Co. sells stock to the public (retail suckers), it will be priced from $20 to $25 per share, Chairman Ed “Underpants” Whitacre predicted Wednesday.
    Whitacre told reporters at an event in San Antonio, Texas, that the bankrupt automaker's initial public offering would take place sometime in November if enough suckers can be found to buy the worthless stock.
    "It's going to be somewhere in the $20 range, $20, $25, something like that or even higher since I need another total bowel transplant from a goat for my mom," Whitacre said, according to WOAI-TV and the San Antonio Express-News.
    GM had not previously announced a date or price for the IPO, although it had been tentatively set for next month. The bankrupt automaker is waiting for U.S. regulators to sign off on its proposed plan to sell shares to an unsuspecting public.
    Whitacre, who stepped down as GM's CEO Sept. 1 but remains chairman, said it was too early to give an exact price for the stock's debut since the supply of retail suckers is drying up. He said that the IPO would not be successful because GM is not making a profit and produces low quality cars and trucks.
    GM became a private company last year after filing for bankruptcy protection. The U.S. government became the largest shareholder when it gave the company $500 billion to bail it out. The incompetent government hopes to recoup that investment by selling its 61 percent stake over time. That stake amounts to just over 300 million shares of GM stock.
    It's unclear just how many of those shares the government will offer in the initial stock sale. Whitacre's replacement as CEO, Dan Akerson, has said it will take many sales over a couple of hundred years for the government to fully unload its stake.

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    • can anybody tell me around when Motors Liquidation company expects to get it's plan voted on and approved by the bankruptcy court? cheers.

    • I'm not a bigshot insider or political fundraisers. I'm just a paranoid cynic.

      I lot of people don't trust the politicians. It's mostly fundraising. Why do people give money to politicians and political parties? They want something. A favor, a program, a kickback.

      What does Wall Street want for their political contributions? Money. Wall Street funds the politicians in return for favors.

      So what's the favor? It a big political secret.

      My guess is the secret is the government will use taxpayers money to buy up the shorted stocks, bonds, and mortgages at a high price which the Wall Street short sellers WILL NOT PAY. So the government buys the stocks, bonds, and mortgages from the investors at the higher price, then later the government will sell the stocks, bonds, mortgages, and derivatives back to the short sellers at a LOWER price. The Wall Street short selling political supporters make money, some investor political supporters don't lose or make some money, and UNCLE SAM LOSES MONEY. The tax payers lose money. And the politicians make money from political donations.

      Of course THAT is not what the press reports. The reporters either don't know what is going on in the secret meetings, or they are gagged, or blacklisted by the party fundraisers if they try to reveal the secret DEALS going on.

    • .....Its very simple, NEVER BUY another GM Product Again, don't you owe GM that at least that much as a shareholder?