yes. companies do this all the time, usually through off-book accounting to shell corporations.(read: subsidiaries, JVs, etc.) The only difference here is that GM did it on the front-page of the newspaper. I don't understand why people are surprised that this happened the way it did, it's what legal entities are for.
Fatboy underwriters must be off on a big lunch, they better get back to their desks and push this piece of garbage back up. It would be really devastating if this closes below the 33 price.
I understand bankruptcy etc. its just such a clear cut case of pure socialism is all, just wanted to make sure I am not crazy!
striking similarity with Yugo story in '80 in Yugoslavia. Same reasons, etc. Must be same advisers too This was couple of years before all gone down the toilet.
No, you're not crazy, but I wouldn't call it socialism quite yet. It's more like no other bank except the Treasury is large enough to do something like this.
so i googled GM shares outstanding to figure out the market cap and this article came up. http://www.time.com/time/magazine/article/0,9171,929790,00.html Then i noticed the date of the article. :eek: is googles search algorithm out of wack?
unreal hype on CNBC, BLOOMBERG etc. these media people really need to find REAL jobs.(and they says traders are useless lol)
the only reason its going public again is because of the billions in bailout money it received from the taxpayer; ------------------------------------------------------------------------------- Bingo, it makes me sick to watch Bloomberg, and read CNBC comments about how great this is. It's fucking Socialism and will be the "PERFECT" case to refer back to when the US GOV decides to Bail out more Companies, "Muni's", States, with TAX PAYER MONEY. Any true capitalist is looking at this IPO and shaking his head as this country is heading closer and closer towards "Socialism". This is not good for the country, the Markets or Capitalism. GM is a shit company ran into the ground. It has a long long long way to go to repair, if ever its shitty rep. I wish that when one of my deals falls apart due to my stupid mistakes (I have lost deals), that the US GOV will still come and pay my 10% comission plus perks. NOPE! I make a mistake I get nothing but a kick in the ass and loose out on money! Buyer beware!
GM @ 34.07 Lets see how long before someone blinks and dumps the wad to get out of the long trade before the other guy does. <object width="480" height="385"><param name="movie" value="http://www.youtube.com/v/7R2Atsh6hHA?fs=1&hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/7R2Atsh6hHA?fs=1&hl=en_US" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed></object>