Breaking: General Moters CEO to Step Down on Sept 1 (Bailing before IPO flops)

Wall Street Journal ^ | 8/12/10 | WSJ

[jimbo123]

DEVELOPING STORY

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

[Upstate NY Guy]

Please explain how GM can make an Initial Public Offering of their stock anytime this year?

[Red Badger]

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

[ILS21R]

“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.

[Buckeye McFrog]

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.

[taildragger]

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

[TexasCajun]

..with bonus and pension, no doubt.

Saved or created thousands of GM cars.

[newfreep]

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

[kabar]

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.

[Upstate NY Guy]

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.

[Lee'sGhost]

Really?

[FreedomPoster]

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.

[WKUHilltopper]

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

[taildragger]

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?

[M-cubed]

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...

[pallis]

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.

[tophat9000]

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?

[Vendome]

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.

[jimbo123]

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?

[MtnClimber]

They should call it I-POS.

[DustyMoment]

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 . . . . .