Socialist Overlords Prepare Schedule for the Sale of GM


The federal government will promise on Tuesday to cut its stake in General Motors from 61 percent to 35 percent when the company goes back on the market, with a public offering of nearly a quarter of its stock, later this month. The car giant is projecting its current value at close to $50 billion, similar to the current size of Ford, which would mean shares will cost upwards of $25. For the U.S. to break even on its investment, the share price has to nearly double. The prices will be set on November 17 and the sale is scheduled for the next day, deliberately timed after the election “in part to avoid political fallout at the polls should the offering disappoint.”

GM’s Sticker: $50 Billion [WSJ]