Bush started it, you approve of it. Interesting. I guess you guys were not as really as far a part as you pretended.
Oh..I'm not giving Bush credit. Just some of his more intelligent advisors who knew the catastrophy the downfall of GM would case to our econony.
Those are stock sales, not vehicular sales or company profit. I already posted a link to them. I think you know why the stock sales took a small hit, but who in the hell tracks stocks based on a monthly total? If that's how you buy stock, have I got a deal for you!
But, hey, I'll play that game! From November (notice how the stock price hasn't really changed that much?):
http://news.businessweek.com/article.asp?documentKey=1376-LC2CER0UQVI901-7PLPV8BD6VNDLVM1871BE5TQBBGeneral Motors Co., which went bankrupt last year after almost a century on the New York Stock Exchange, advanced in its return to public trading following an initial public offering that raised more than $20 billion.
GM gained 3.6 percent to $34.19 today, after climbing 9.1 percent in the first hour of trading. Its owners, including the Treasury, sold $15.8 billion of common shares at $33 each in the second-largest U.S. IPO on record. The automaker's $4.35 billion offering of preferred shares and an overallotment option may boost the total to $23.1 billion, more than the $22.1 billion raised by Beijing-based Agricultural Bank of China Ltd. in the biggest IPO of common stock in history.
The offering by GM came 16 months after it emerged from bankruptcy and brings Chief Executive Officer Dan Akerson closer to his goal of returning the $49.5 billion the automaker received in a taxpayer bailout last year. The Treasury, which will get as much as $13.6 billion from the IPO, will have to sell its remaining GM shares at an average of about $53 each to make back its total investment, Bloomberg data show.
“You want to have some improvement, because that shows there was strong demand for the shares,” said Peter Jankovskis, who helps manage $2.2 billion as co-chief investment officer at Oakbrook Investments LLC in Lisle, Illinois. “But the bigger that jump, it's really a sign that the offering left some money on the table. That's a very large deal in dollar terms.”
More than 458 million GM shares changed hands in the automaker's first day of trading, more than any other U.S. IPO since at least 1994, data compiled by Bloomberg show.
The IPO would lower the Treasury's stake to 37 percent, or 33 percent with the overallotment option, from 61 percent, the filings showed. The UAW trust's holdings would drop to 14 percent, or 13 percent with the option, from 20 percent.
GM's IPO “is an important step in the turnaround of the company and for our work to recover taxpayer dollars and exit this investment as soon as practicable,” Treasury Secretary Timothy F. Geithner said in a statement. “It is now widely recognized that the taxpayers' investment not only helped save jobs during the worst economic crisis in a generation but also gave the auto industry a solid foundation on which to build.”
