Team Obama is touting the rousing success of GM.
You know, Bin Laden is dead; the UAW is alive.
Oops, Imeant GM is alive.
Hmmm. Let’s see …
The original GM stockholders — you know, your grandma and the pension funds — got completely wiped out.
The secured creditors got about 65% of their principal wiped out.
And privileged folks got the opportunity to buy stock in the new GM.
Those share have declined by 30% from the $33 IPO price ,,, a 50 point spread vs, the S&P 500 which increased 20% over the same period.
That’s a loss of about $16 Billion in market cap in about 18 months.
Now, that’s what I call a roaring success … many more successes and we really will be bankrupt.
The Homa Files 