Oh Goodie...GM IPO Coming

I've always been fond on GM automobiles, having owned a number of them over the years. I've worked for GM and Delphi and appreciated the opportunity to make a decent wage while working on cutting edge technology. Up until 2008 I considered both companies to be upstanding corporate citizens. Now, not so much.

GM is considering an IPO. This government and union owned company claims it has paid back 18% of it's government debt and can pay back the balance, returning to profitability. GM really used more government loans to repay the original government loan. So they're lying.

Even if GM did repay $8B in government bailouts, they stuck taxpayers with $6.7B in salaried pensions by handing them over to PBGC which is already $22B in the hole this year. GM and Delphi's 70,000 salaried pensioners stand to lose 30-70% of their pension which was part of their compensation package while working. UAW members continue to receive full pensions, medical and life insurance in retirement. So both GM and Delphi pillaged the salary workers that ran their plants to survive. Immoral? You betcha.

GM and Delphi stock and bond holders lost their investments when both companies came out of bankruptcy. Many parts suppliers got next to nothing either. The only parties that benefited from these bankruptcies were lawyers and the UAW. Everybody else, including the US taxpayer, got raped.

GM and Delphi both lied to and screwed everyone involved in the bankruptcy except the UAW.  So who is going to line up to buy GM IPO stock? Masochists? Can anyone trust the people that run this company?

I'm not buying anything from GM or Delphi. I'm learning to like Ford.