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GM doesn't want to be Government Motors anymore

hypocritexposer

Well-known member
“We want the government out, period,” Mr. Whitacre said in comments after speaking at an automotive conference in northern Michigan. “We don’t want to be known as Government Motors.”…

Eliminating government ownership, he said, would be good for employee morale and would improve G.M.’s image. While unusual, selling all the shares during an initial offering is not unheard of. The credit card giant Visa raised about $19 billion during an offering in March 2008. The risk of a large offering, analysts said, is that interest among buyers could wane as the sale approaches, causing the price to fall. A Treasury spokesman, Mark Paustenbach, declined to comment on Thursday. The department issued a statement in June saying that G.M. would control the timing of the offering but that the Treasury would “retain the right, at all times, to decide whether and at what level to participate in the offering, should it occur.”…

Mr. Whitacre dismissed concerns by some analysts that G.M. was moving too fast. Many have speculated that the Obama administration, whose decision to help G.M. and Chrysler last year was widely unpopular, wants the offering to occur before the November elections.

http://www.nytimes.com/2010/08/06/business/06auto.html?_r=2&src=twt&twt=nytimes
 
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