With the IPO (initial public offering) GM is coming back BIGTIME.
Decried by many lunatics on the right (i.e. BECKheads and Teabaggers) that the bailout is SOCIALISM, the infusion of government funds SAVED the company and Thousands of Jobs.
The IPO was suppose to be in the mid $20s but because of the huge demand. The amount of shares increased along with the value (about $35). GM is now on the verge to have a huge year, especially once the economy picks up again. The naysayers would have put this country on the verge of a Depression by not helping GM which would have meant tens of thousands of more unemployed while destroying our automotive industry and industrial base.
http://www.cnbc.com/...
The shares opened at $35, above the initial public offering price of $33 and rose as high as $35.99 in early trading.
GM shares began trading on the New York and Toronto stock exchanges with the rev of a Camaro engine on the floor of the New York Stock Exchange taking the place of the traditional ringing of the bell.
The start of trading in GM shares represents the last step in a blockbuster initial public offering negotiated by the Obama administration that raised $20.1 billion after pricing the automaker's shares at $33 each.
The stake the governement has in General Motors will be reduced from approximately 60% to about 33% putting private ownership the majority stakeholder once again.
The Obama Administration and the Democratic Congress should be hailed for this humongous effort which not only saved this company, but was INSTRUMENTAL in turning it around into a profit producing business once again!