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It has been announced that, in its quest to free itself from U.S. Governement ownership, General Motors is preparing for an initial stock offering to the tune of $13 billion. When completed, this will reduce our share of "Government Motors" from 61% to 43%. Even though these numbers disregard massive loan forgiveness and made-to-order tax breaks, it is a step in the right direction.
This news comes on the heals of outstanding auto sales reports for the month of October. Overall industry sales were at their highest level since August of 2009, which was the absolute height of Cash for Clunkers hysteria. All domestic manufacturers showed positive growth, although GM was the only American company that didn't show a double digit increase with only a 3.5% increase.To read more or comment...