Nader Calls for Stop to GM Stock Offer

By: AP
By: AP

WASHINGTON (AP) -- Ralph Nader and consumer groups want the Obama administration to suspend General Motors' initial public stock offering.
They say taxpayers could lose billions of dollars in the deal and the government would be better off holding onto the stock for a longer period.
Nader, the former presidential candidate and longtime auto industry critic, estimates taxpayers could lose nearly $5 billion with the initial public offering. He says the government would have less influence over the company by reducing its ownership stake.
GM is moving ahead with a public offering expected to raise about $10 billion.
The government, the largest owner, is expected to reduce its stake in the company from 61 percent to just over 40 percent.
The stock sale is expected to occur Nov. 18.


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Anonymous on Nov 11, 2010 at 05:00 PM
    Who care's anymore if GM sell stocks or not sell stocks. I'm not buying GM stock. For those of you who buys GM stock good luck. ha!
  • by dan on Nov 11, 2010 at 01:21 PM
    Yeah, this is all about getting the tax payers to fund the retires pensions. lol
  • by anonymous on Nov 11, 2010 at 12:18 PM
    I agree, they are setting the american people up again.
  • by Lynne Location: Grand Ledge on Nov 11, 2010 at 12:01 PM
    why would anyone buy this stock. The people that invested in stock before the government takeover lost everything so the unions could be paid off. Think that will not happen next time, think again.
  • by Bill Location: Dennen on Nov 11, 2010 at 11:43 AM
    Looks like good ol Ralph is just power hungry, and doesnt want to loose government control of GM. Gm is currently profitable, and on the road to a recovery. Now Ralphy boy wants to hold em back...
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