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General Motors (GM) threatened to drop through its IPO price of $33 - the low today is $33.11 -...

General Motors (GM) threatened to drop through its IPO price of $33 - the low today is $33.11 - before a mystery buyer came in with support. GM now -0.7% to $33.95.
Comments (4)
  • Jasper M
    , contributor
    Comments (1652) | Send Message
     
    "mystery buyer"? Is that code for "taxpayers"?
    The purpose of markets is price discovery. A rigged market (front running HFTs, Fed-sponsored manipulation) cannot perform that function. The 'price' of GM means nothing now. We all know what it'll ne in a few years. It's a classic "burning match".
    Having critically undermined the market's credibility, they should just stop wasting resources – nobody is going to buy into this much longer.
    19 Nov 2010, 01:39 PM Reply Like
  • Tony Petroski
    , contributor
    Comments (6373) | Send Message
     
    Don't tell me the Obama folks are having seller's remorse about unloading this gem.
    19 Nov 2010, 01:46 PM Reply Like
  • Stoploss
    , contributor
    Comments (1727) | Send Message
     
    Can we short this pig yet??
    19 Nov 2010, 02:17 PM Reply Like
  • Duude
    , contributor
    Comments (3358) | Send Message
     
    I've got mixed feelings about shorting GM. They've been awarded a pretty clean slate due to bankruptcy as far as automobile manufacturers go, we'll likely hear during this lame duck session that taxpayers are now generous enough to extend more support through a new issue of government-backed, long term, low interest loans for retooling , and they're not going to be paying taxes for years and years.
    On the other hand, their history has shown they have almost no ability to learn from past mistakes, the unions will be looking for more payback in the next couple of years, and GM has been talking up a new generation of electric cars which will almost certainly become sales failures for nothing more than the technology isn't ready for the masses.
    19 Nov 2010, 03:51 PM Reply Like
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