Skip to comments.Breaking: General Moters CEO to Step Down on Sept 1 (Bailing before IPO flops)
Posted on 08/12/2010 8:09:29 AM PDT by jimbo123
GM CEO Whitacre to step down Sept. 1. Board member Dan Akerson to succeed Whitacre as CEO.
(Excerpt) Read more at online.wsj.com ...
Unfortunately, they’ll just keep shoveling money into it to keep the union afloat.
Hope his Volt is fully charged.
Maybe he can’t look himself in the mirror after he told that whopper that GM repaid it’s bailout money.
Who in their right mind would buy such a stock after what they did to the last set of investors and bond holders?.................
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**.
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.
Not me. Been there.
Obama and the UAW told him to do the IPO before the elections or quit. So he quit.
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.
Initial Public Offering?
The “old” stock is no longer GM. The “new” stock is the “NEW GM”.............
Whitacre didn’t do much better than Wagoner.
Notice the Trabant's license number..............
Like lottery tickets are a “Tax on Stupidity”...............totally voluntary..........
GM company motto:
“We’re GM. We own you and your cars.”
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.
It’s not your father’s GM..........................
“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.
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.
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"...
Saved or created thousands of GM cars.
Was it Wagner who said after he became CEO he realized GM was a health insurance provider and not a car company?
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.
Thanks. I understand now......I think. Sometimes I think today's English is not my father's language.
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.
Sure...buy the stock so they can steal from you again—just like the bond holders.
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?
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...
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.
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.
GM Profit 3.9%
Ford Profit 8.3%
And of course, who’s going to trust the GM “profit” numbers anyway?
They should call it I-POS.
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 . . . . .
Idiots Propping-up Obamotors
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?
The “Old GM” has been folded into the “Motors Liquidation Company”.
old stock is MTLQQ.PK
There was a CEO between Whitacre and Jeep Wagoneer, I believe.
LQQKS LIKE A “BYE”...............
Does that mean Joe Biden will be president?