Summary
The times truly are out of joint when the most important IPO - initial public offering - of 2010 could come from what was American capitalism's iconic corporation for most of its 102 years. Andrew Bary, writing in Barron's, says General Motors "may go public in the second half of this year, and its stock market value could top $50 billion, more than Ford's $40billion."
This is justice under today's state capitalism: Ford took on $23.6 billion in debt to avoid becoming dependent on Washington, whereas GM shed much of its debt by becoming dependent. Washington, Bary explains, turned most of its $50 billion loan to GM into 60.8 percent ownership, the United Auto Workers got 17.5 percent for forgoing a $20 billion health care claim against the company, and Canada's government got an 11.7 percent stake for $9 billion.See the full content of this document
Extract
Gm at Intersection of a Disaster
Detroit's long drive down the crumbling road to disaster is chronicled in "Crash Course" by Paul Ingrassia, forme...
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