GM Just Set the Record for the Largest IPO in American History

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Based on higher-than-expected demand, GM announced that once it's back on the public market tomorrow, it will sell its common stock at $33 a share, higher than the projected range of $26 to $29. It expects to raise $23.1 billion, cutting the Treasury Department's stake down to 26 percent. Considering thatTARP funds were first funneled to GM during George W. Bush's lame-duck period, it'll be interesting to see how both sides spin it. [NYT]