Posted on 11/18/2010 9:23:17 AM PST by ChicagoConservative27
t took a few minutes for the first trade to get done, but General Motors (GM) shares opened for trading at $35, a 6% gain over the $33-a-share price for its initial public offering.
The first trade on the floor of the New York Stock Exchange came at 9:36 a.m. ET. The shares hit $35.99 within a few minutes before settling back to $35.12, up 6.4%, at 11:50 a.m. ET.
(Excerpt) Read more at articles.moneycentral.msn.com ...
China now owns 16% of GM.
You will lose every cent. Mark my words.
Normally, IPOs raise cash for expansion. This money will just be given away.
Chrysler’s next
I’m thinking it’s worst than that....soros has already shorted it...
Obama stole the GM shares the first time. Who says he won’t do it again?
Thanks. I might by some of these shares. I tell you that if we could all have bought Apple the day it began it’s climb we would be in wonderful shape. Yes I bought it a few years later and doing well but the day it started going up would have been incredible.
I suppose I am very much in the minority, but I think buying GM shares or GM products is treason. If you buy a Chevy or a share of GM, then you support Obama’s thuggish socialism that kept GM alive. There is really no argument to the contrary that I can see.
Isn’t Ford going for about $16 a share? How does someone perceive GM to be a better investment at over twice the cost?
Isn’t Ford going for about $16 a share? How does someone perceive GM to be a better investment at over twice the cost?
Forgive me, but that's BS. GM went into bankruptcy. Shareholders are always wiped out in a bakruptcy. Obama bailed GM out -- which he shouldn't have done -- but don't cry about the poor shareholders.
You are correct: it was the bond holders who got robbed by Obama.
Bankruptcy normally places a company in the hands of its creditors. In this case the creditors - the debt holders both senior and junior - were robbed in broad daylight, and their share of the bankruptcy pie handed over to the Unions.
A similar thing happened to the Hunt brothers. Apparently, what they did was completely legal, but it simply “could not stand”, so the government “fixed the problem”.
Seems there was some guy that was able to figure out a patern in a states lotto tickets (or maybe a company’s contest) where they were able to know which panel in a scratch card had the big winner, and they won a LOT, but they too lost in court because they violated the “intent” of the contest. It was along the lines of “the assumption is that people don’t know what is on the card before they scratch. If they do know, they are violating the intent. Therefore, they don’t win.”
Back to the bondholders. It is like the patdowns at the airport. Illegal but “necessary”, at least according to some people. And we continue to go from the frying pan to the fire.
BS! GM did not go into bankruptcy.
Did you sleep through 2009?
GM went into Chapter 11 on June 1, 2009, with $172.81 billion in debt and $82.29 billion in assets. The stockholders were wiped out, as they should have been.
They may have went into Chapter 11, but the traditional method was tossed aside. The bondholders and shareholders did not get anything, only the union. If you call that a “bankruptcy”, then you must subscribe to the school of Obama economics. That was no “bankruptcy”. It was theft.
You’re obviously one of those yahoos who feels their ignorance shouldn’t get in the way of their strong opinions. Since you didn’t even know that GM went bankrupt (where were you, under a rock?) I’m not sure why you think you have any right to speak with authority on the subject.
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