Hot on HuffPost:

See More Stories

General Motors Takes Steps to Become Public Again

5 years ago
  0 Comments Say Something  »
Text Size
"Government Motors" no more. General Motors has filed paperwork that will let it become a public company again, allowing the Treasury Department to begin selling its shares in the auto giant, The New York Times reported.

In its initial public offering registration Wednesday, GM did not say how many shares it planned to sell or set a price range, but the Times said the IPO has the potential to raise $15 billion or more.

"The amount of securities offered will be determined by market conditions and other factors at the time of the offering," GM said in a statement.

The filing did not disclose how much of its stake in the company the federal government would sell. Sources close to the automaker told the newspaper that Treasury was expected to give up about a fifth of its shares, "bringing the taxpayers' stake in GM below 50 percent."

In a statement Wednesday, the Treasury Department said it "will retain the right, at all times, to decide whether and at what level to participate in the offering."

The IPO's underwriters will include Morgan Stanley, JP Morgan Chase, Bank of America and Citigroup.

GM has turned around significantly since its bankruptcy and bailout last year. The company says it has earned about $2.2 billion in the first half of this year, mostly in North America.

Our New Approach to Comments

In an effort to encourage the same level of civil dialogue among Politics Daily’s readers that we expect of our writers – a “civilogue,” to use the term coined by PD’s Jeffrey Weiss – we are requiring commenters to use their AOL or AIM screen names to submit a comment, and we are reading all comments before publishing them. Personal attacks (on writers, other readers, Nancy Pelosi, George W. Bush, or anyone at all) and comments that are not productive additions to the conversation will not be published, period, to make room for a discussion among those with ideas to kick around. Please read our Help and Feedback section for more info.

Add a Comment

*0 / 3000 Character Maximum Comment Moderation Enabled. Your comment will appear after it is cleared by an editor.


Filter by:

Wow another great accomplishment for obama a great pressident. saved millions of jobs and its not in the end going to cost america a dime thats far better than the Republicans who gave i trillion of our dollars to ceos on wall street with no strings attached.

August 19 2010 at 9:21 AM Report abuse rate up rate down Reply
John Vilvens

They will not make a profit. The first plant being built by Goverment Motors is in Mexico. Looking out for Americia?

August 19 2010 at 9:13 AM Report abuse rate up rate down Reply

I'd wait until you get 80 miles a zap out of that electric doodlebug before going public.....or at least bring back a GTO that looks like one!!!

August 18 2010 at 7:52 PM Report abuse -1 rate up rate down Reply

Follow Politics Daily

  • Comics
Featuring political comics by Robert and Donna TrussellMore>>
  • Woman UP Video
politics daily videos
Weekly Videos
Woman Up, Politics Daily's Online Sunday ShowMore»
politics daily videos
TV Appearances
Showcasing appearances by Politics Daily staff and contributors.More>>