GM moves to sell stock; Still to be known as Government Motors

The U.S. government owns roughly 61 percent of the company, which it got in exchange for giving GM $50 billion in survival aid last year. GM has repaid $6.7 billion, and the remaining $43.3 billion was converted to the ownership stake. Other stakeholders include a United Auto Workers health-care trust and the Canadian government.

Government ownership has hurt the company’s public image and sales, CEO Ed Whitacre has said. He’d like to shed the derogatory nickname “Government Motors.”

GM’s IPO would have to bring in $70 billion just to pay back all of GM’s stakeholders.

via FOXNews.com – GM Moves to Sell Stock to Public, With Eye on Shedding Government Ownership.

Good luck with that Mr. Whitacre. GM will forever stand for Government Motors. If you can find enough suckers to buy the government out, you will still be Government Motors to me and I will never, ever, ever, ever buy one of your products again. I’ve owned a couple of Blazers, a GMC pickup, a Chevy pickup, and a GMC Envoy. I will never buy another again, ever.

And that $70 billion won’t go to pay the people screwed over in the hijacked bankruptcy either. You know, when the .gov stormed in and basically rewrote bankruptcy and contract law on the fly to suit the union takeover aspirations.

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