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According to a report from the Detroit News, the United States Treasury has plans to cut its losses and walk away from its ownership of General Motors by selling its remaining 33 percent stake sooner than many had predicted. Continue selling.
Many of you are probably wondering why the U.S. Treasury didn’t just dump its entire stake in General Motors when the company held its IPO. Two things: that would have been a terrible idea, with billions of dollars in potential return lost in a second, and under the terms of the IPO, the Treasury is not allowed to sell a single share until mid-May of this year. However, according to reports, the Feds are hoping to sell off all of their remaining shares between then and two years from now. Continue reading.
This article is part of the GM Authority Opinion Desk series, where you can see exactly what’s on the minds of the GM Authority crew.
As an ardent General Motors enthusiast, I have to admit that it was difficult to bear the news of The General filing for bankruptcy protection during the summer of 2009. It was even more difficult to see GM shed four of its eight U.S. brands, three of which ended up in the automotive graveyard.
Truth be told, I wasn’t as concerned by the bankruptcy filings as much as I was by the fact that GM would be soldiering on with half as many brands. As an open GM enthusiast, I had to endure all kinds of anti-GM sentiment and commentary (founded and unfounded). Everything from “GM is probably the worst-managed company in history, why do you like them so much?” to “Are you kidding me? Not only would I never buy a GM product, I wouldn’t even consider one!” You could only imagine my trepidation and general apprehension over being a fan of a company with this kind of public perception. Over the last year, however, GM has made some serious progress in the public opinion sphere.
One of the reasons for what began (in my opinion) a more welcome public perception of the “new” General Motors was its much-anticipated and very publicized Initial Public Offering that took place on November 18, 2010. But while the IPO was — for all intents and purposes — a success, it has a few controversial sides aside from the (all too) obvious “Government Motors” angle. Two of them, fact. What I would like to point out is that at least two percent of GM is currently owned by non-American investment groups, including Chinese automaker SAIC and Saudi Prince Walid bin Talal — each of them with a one percent stake in The General. I must admit, at first I didn’t know how to react when learning about these events. Now, fellow GM fans, should we be upset or — on the contrary — happy that this took place? Before you make a decision, let’s take a look under the hood and explore this topic in more details. Continue reading.
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