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Nader on offensive against GM IPO

by YankeeJim | November 11, 2010 at 02:59 pm

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Why should taxpayers take a beating, if Nader is right? Wait a minute Ralph let’s discuss.

You are saying that you trust Barack Obama administration to manage GM as our elected Board of Directors to exact higher performance from this losing enterprise?

Put the brakes on that thought. GM killed their mechanic, Mr. Goodwrench. They continue to produce copycat cars.

I vote against communism and against business welfare, so let the chips fall. Let’s cash out and never return to this again. Sell it to China.

“Nader Wants To Suspend GM IPO
By Ken Thomas, Associated Press
Manufacturing.Net - November 11, 2010

WASHINGTON (AP) -- Ralph Nader and consumer groups want the Obama administration to suspend General Motors' initial public stock offering.

They say taxpayers could lose billions of dollars in the deal and the government would be better off holding onto the stock for a longer period.

Nader, the former presidential candidate and longtime auto industry critic, estimates taxpayers could lose nearly $5 billion with the initial public offering. He says the government would have less influence over the company by reducing its ownership stake.

GM is moving ahead with a public offering expected to raise about $10 billion.

The government, the largest owner, is expected to reduce its stake in the company from 61 percent to just over 40 percent.

The stock sale is expected to occur Nov. 18.”