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Breaking: General Moters CEO to Step Down on Sept 1 (Bailing before IPO flops)
Wall Street Journal ^ | 8/12/10 | WSJ

Posted on 08/12/2010 8:09:29 AM PDT by jimbo123

DEVELOPING STORY

GM CEO Whitacre to step down Sept. 1. Board member Dan Akerson to succeed Whitacre as CEO.

(Excerpt) Read more at online.wsj.com ...


TOPICS: News/Current Events
KEYWORDS: gm; governmentmotors; obamamotors
The Government Motors IPO is going to be a flop and Whitacre is bailing before The Kenyan and the UAW thugs throw him under the bus.
1 posted on 08/12/2010 8:09:33 AM PDT by jimbo123
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To: jimbo123

Unfortunately, they’ll just keep shoveling money into it to keep the union afloat.


2 posted on 08/12/2010 8:10:48 AM PDT by B Knotts (Just another Tenther)
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To: jimbo123

Hope his Volt is fully charged.


3 posted on 08/12/2010 8:11:39 AM PDT by SnuffaBolshevik
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To: jimbo123

Maybe he can’t look himself in the mirror after he told that whopper that GM repaid it’s bailout money.


4 posted on 08/12/2010 8:14:07 AM PDT by DManA
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To: jimbo123

Who in their right mind would buy such a stock after what they did to the last set of investors and bond holders?.................


5 posted on 08/12/2010 8:14:23 AM PDT by Red Badger (No, Obama's not the Antichrist. But he does have him in his MY FAVES.............)
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To: DManA

The UAW and The Kenyan were forcing him to do an IPO that the markets won’t support before the election. So he told them to kiss his a**.


6 posted on 08/12/2010 8:15:40 AM PDT by jimbo123
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To: jimbo123

How the hell do you have an IPO on a stock that’s been trading for what? 70 or 80 years?

You can’t have an “INITIAL” public offering on a company that’s been trading for 7 or 8 decades.. you can sell more stock to try to raise more money, but there is no way it can be called an “initial” anything.


7 posted on 08/12/2010 8:15:43 AM PDT by HamiltonJay
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To: Red Badger

Not me. Been there.


8 posted on 08/12/2010 8:16:37 AM PDT by maggief
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To: jimbo123

9 posted on 08/12/2010 8:16:47 AM PDT by fishtank (The denial of original sin is the root of liberalism.)
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To: Red Badger

Obama and the UAW told him to do the IPO before the elections or quit. So he quit.


10 posted on 08/12/2010 8:16:59 AM PDT by jimbo123
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To: Red Badger
Who in their right mind would buy such a stock after what they did to the last set of investors and bond holders?.................

Think of it as a national idiot count.
11 posted on 08/12/2010 8:18:17 AM PDT by ZX12R (IMPEACH OBAMA NOW!)
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To: HamiltonJay

It’s public stock in the NEW GM. Currently owned by Obama, The UAW and The Canadian government. They want their cash before the November election.


12 posted on 08/12/2010 8:18:43 AM PDT by jimbo123
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To: jimbo123
IPO?

Initial Public Offering?

13 posted on 08/12/2010 8:19:02 AM PDT by Upstate NY Guy (Gen 15:16 The iniquity of the Amorite is not yet complete.)
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To: HamiltonJay

The “old” stock is no longer GM. The “new” stock is the “NEW GM”.............


14 posted on 08/12/2010 8:19:24 AM PDT by Red Badger (No, Obama's not the Antichrist. But he does have him in his MY FAVES.............)
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To: Upstate NY Guy

Si, senor.............


15 posted on 08/12/2010 8:20:05 AM PDT by Red Badger (No, Obama's not the Antichrist. But he does have him in his MY FAVES.............)
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To: jimbo123

Whitacre didn’t do much better than Wagoner.


16 posted on 08/12/2010 8:20:12 AM PDT by Paladin2
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To: jimbo123

Notice the Trabant's license number..............

17 posted on 08/12/2010 8:20:18 AM PDT by fishtank (The denial of original sin is the root of liberalism.)
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To: ZX12R

Like lottery tickets are a “Tax on Stupidity”...............totally voluntary..........


18 posted on 08/12/2010 8:21:05 AM PDT by Red Badger (No, Obama's not the Antichrist. But he does have him in his MY FAVES.............)
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To: jimbo123

GM company motto:

“We’re GM. We own you and your cars.”


19 posted on 08/12/2010 8:21:17 AM PDT by This Just In
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To: Upstate NY Guy

Initial Public Offering. Obama and the UAW want to cash out to the public so they can kill the company once and for all. Their scheme will only work if it happens before the November elections.


20 posted on 08/12/2010 8:22:09 AM PDT by jimbo123
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To: Red Badger; jimbo123
Please explain how GM can make an Initial Public Offering of their stock anytime this year?
21 posted on 08/12/2010 8:23:46 AM PDT by Upstate NY Guy (Gen 15:16 The iniquity of the Amorite is not yet complete.)
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To: Upstate NY Guy

It’s not your father’s GM..........................


22 posted on 08/12/2010 8:25:59 AM PDT by Red Badger (No, Obama's not the Antichrist. But he does have him in his MY FAVES.............)
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To: jimbo123

“Mr. Akerson was a former CEO of Nextel Communications, a cellphone carrier, and is currently a managing director at Carlyle Group, a private-equity concern.”

GM is finished.


23 posted on 08/12/2010 8:26:01 AM PDT by ILS21R ("Every night before I go to sleep, I think who would throw stones at me?", she said)
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To: jimbo123

IPO won’t flop. All of the public employee pension funds will dive into it with both feet at primo rates. Eventually when they eliminate our 401K’s and force us all into one, big Gubbermint controlled pension plan, they will buy all the shares back from their Union buddies.


24 posted on 08/12/2010 8:27:58 AM PDT by Buckeye McFrog
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To: jimbo123
I have a friend who's wife has become sort of a trouble shooter in internal turn-around efforts within a major corporation. With that as a background, IHHO (In her humble opinion) She stated turn-arounds are predicated on Corporate Culture Changes, and they take 3 years. Interesting enough, Ford's CEO Mulally has been in his slot that long.

With that in mind, I ask the following questions...

So how does that work for GM?

What is GM's Corp. Culture how has it changed in the last 3 yrs, and who is the champion?

Is is someone behind the scenes?

Or are they excellent enough to maintain the consistency of this new culture with the musical chairs they have had at the top?

Also consider this link where the Det-News and Free Press comes up with a number of $114 per Share (given the number of shares they are discussing to make all stake-holders "whole"...

http://www.freerepublic.com/focus/f-chat/2567274/posts

25 posted on 08/12/2010 8:30:44 AM PDT by taildragger ((Palin / Mulally 2012 ))
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To: jimbo123
..with bonus and pension, no doubt.

Saved or created thousands of GM cars.

26 posted on 08/12/2010 8:31:06 AM PDT by TexasCajun
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To: Paladin2

Was it Wagner who said after he became CEO he realized GM was a health insurance provider and not a car company?


27 posted on 08/12/2010 8:34:25 AM PDT by newfreep (Palin/DeMint 2012 - Bolton: Secy of State)
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To: jimbo123

No, they want to create the impression that Government Motors is now back to General Motors before the midterms. GM just announced a billion plus profit for the past quarter.


28 posted on 08/12/2010 8:34:47 AM PDT by kabar
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To: Red Badger
It’s not your father’s GM........

Thanks. I understand now......I think. Sometimes I think today's English is not my father's language.

29 posted on 08/12/2010 8:34:59 AM PDT by Upstate NY Guy (Gen 15:16 The iniquity of the Amorite is not yet complete.)
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To: jimbo123

Really?


30 posted on 08/12/2010 8:37:43 AM PDT by Lee'sGhost (Johnny Rico picked the wrong girl!)
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To: jimbo123

The new CEO will be the guy who is the U.S. Government’s board member, Daniel Akerson.

So GM will have a Gov’t-picked CEO.


31 posted on 08/12/2010 8:38:58 AM PDT by FreedomPoster (No Representation without Taxation!)
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To: jimbo123

Sure...buy the stock so they can steal from you again—just like the bond holders.


32 posted on 08/12/2010 8:38:58 AM PDT by WKUHilltopper (Fix bayonets!)
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To: jimbo123; All
GM's 2nd Qtr profits 1.3 billion..

And they are supposed to be the deal of the century (financial wonks in the media(s) so) since post Ch 11 will be supposedly make them have less debt than Ford....

2nd Qtr for Ford? 2.6 Billion...

(and everyone is worried about their debt)...

Did anyone notice Ford's Profit is literally Double GM's ?....

So tell me who is the better profit making machine?

33 posted on 08/12/2010 8:48:12 AM PDT by taildragger ((Palin / Mulally 2012 ))
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To: Red Badger

Who in their right mind would buy such a stock after what they did to the last set of investors and bond holders?.................<<

Helicopter Ben is the only one I can think of...


34 posted on 08/12/2010 8:50:18 AM PDT by M-cubed
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To: jimbo123

The whole fascist, government/union-thug thing just isn’t working out. Our caliphate’s syndicate thugs need something they can manage, like strong-arming mom and pop stores and stealing SS checks from old ladies.


35 posted on 08/12/2010 8:53:13 AM PDT by pallis
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To: jimbo123
They just screw all the bond holders in the bankruptcy...is any one in their right mind ever going to risk their money with this bunch?
36 posted on 08/12/2010 9:06:43 AM PDT by tophat9000 (.............................. BP + BO = BS ...........................Formula for a disaster...)
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To: jimbo123

Ed, you F-ing moron. You sucked at ATT and now you have sucked at Government Motors.

Can you make time to pay us back the $55Billion still outstanding, that you borrowed from the taxpayer...

Thanks. I’ll be right here holding my breath.


37 posted on 08/12/2010 9:09:38 AM PDT by Vendome (Don't take life so seriously... You'll never live through it.)
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To: taildragger

GM

Revenue $33.2B
“Profit” $1.3B
Profit% 3.9%

Ford

Revenue $31.3B
Profit $2.6B
Profit% 8.3%

GM Profit 3.9%
Ford Profit 8.3%

And of course, who’s going to trust the GM “profit” numbers anyway?


38 posted on 08/12/2010 9:12:22 AM PDT by jimbo123
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To: jimbo123

They should call it I-POS.


39 posted on 08/12/2010 9:19:08 AM PDT by MtnClimber (Osama and Obama both hate freedom and have friends that bombed the Pentagon)
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To: jimbo123

Ed Whitacre - Obamabot and former CEO of AT&T.

This is the same guy who came on national TV in an ad for GM and crowed about how Government Motors had repaid EVERY penny of its government bailout - WITH INTEREST!!

He just couldn’t find a way to tell us he was a liar!! That GM had taken other government bailout money to repay a fraction of the government bailout money that he was bragging about repaying!! (Did you follow that??)

So, he’s bowing out - because the Volt is going to be a huge flop?? Because no one with any functioning brain cells will buy stock in the GM IPO after Obama screwed the last investors out of their rightful share??

Good riddance. I would how big his golden parachute is?? How many millons of taxpayer dollars are going into his bank account??

Inquiring minds . . . . .


40 posted on 08/12/2010 9:29:43 AM PDT by DustyMoment
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To: Upstate NY Guy
IPO?

Idiots Propping-up Obamotors

41 posted on 08/12/2010 9:29:43 AM PDT by N. Theknow (Kennedys: Can't skipper a boat, Can't drive, Can't ski, Can't fly. But they KNOW what's best.)
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Odd in a way. The IPO is expected to raise about $12 billion but they owe $60 billion to the taxpayers so it won’t liquidate that debt so it will remain “Government Motors.” However, it was not altogether unexpected that he would step down. Not sure exactly what to make of it. Is Obama simply going to “forgive” the remaining $48 billion? That would be the only way that GM would be out from under the control of Obama and his minions. What am I missing here?


42 posted on 08/12/2010 9:52:37 AM PDT by RichardW
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To: HamiltonJay

The “Old GM” has been folded into the “Motors Liquidation Company”.

motorsliquidation.com


43 posted on 08/12/2010 10:18:48 AM PDT by bobcat62
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To: Red Badger

yeah
old stock is MTLQQ.PK


44 posted on 08/12/2010 10:23:45 AM PDT by nascarnation
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To: Paladin2

There was a CEO between Whitacre and Jeep Wagoneer, I believe.


45 posted on 08/12/2010 10:24:16 AM PDT by sportutegrl
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To: N. Theknow
Idiots Propping-up Obamotors

Good one!

46 posted on 08/12/2010 10:27:26 AM PDT by Upstate NY Guy (Gen 15:16 The iniquity of the Amorite is not yet complete.)
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To: nascarnation

LQQKS LIKE A “BYE”...............


47 posted on 08/12/2010 10:29:20 AM PDT by Red Badger (No, Obama's not the Antichrist. But he does have him in his MY FAVES.............)
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To: jimbo123

Breaking: General Motors CEO to Step Down on Sept 1

Does that mean Joe Biden will be president?

48 posted on 08/12/2010 10:31:11 AM PDT by McGruff (How's that Hopey Changey thingy workin for ya?)
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