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Tuesday, Nov 8
2011, 3:48 PM
A brand-new stake in General Motors (GM +4.5%) brings David Einhorn shoulder-to-shoulder with...
A brand-new stake in General Motors (GM +4.5%) brings David Einhorn shoulder-to-shoulder with fellow-owner the U.S. government - a notion that doesn't seem to bother the investor at all. Einhorn's takes on GM: "The market appears to be focused on G.M.’s ‘legacy liabilities...however, the new G.M. does not have pension or health care liabilities that are likely to overrun the company. Instead, G.M. sits with $33 billion of gross cash which represents nearly its entire current market capitalization."