Alice in Wonderland?

Does anyone else see how perverted this story is?  A company which is 60% owned by the U.S. Treasury, in other words, 60% owned by taxpayers — not voluntary shareholders, but TAXPAYERS, has hired a private investment banking company to take the company public.

That is, to be sold to public stockholders.  For a profit.  Which is going to be distributed to whom?  The government.  Who took the company over by edict, essentially by force, ignoring lawfully binding financial contracts in the process.  Oh, yes, technically G.M. went through a “banktuptcy,” but when one of the two involved parties is the federal government — the one who makes up the rules of the game — then it isn’t a game anymore.  It’s “do it, or else!”

Absolutely unbelievable.  This IPO should not be happening.  The bailout should not have happened. None of this should have happened.  If the company cannot generate a profit in the marketplace, then it should go bankrupt and its resources freed up to be used where they are most valued by the marketplace.

by Sherry Jarrell