TRAVERSE CITY, Mich. — Eager to rid his company of the stigma of being government owned, the chief executive of General Motors, Edward E. Whitacre Jr., said Thursday that G.M. wanted Washington to sell its entire stake during an initial public offering.
“We want the government out, period,” Mr. Whitacre said in comments after speaking at an automotive conference in northern Michigan. “We don’t want to be known as Government Motors.”
Through its sponsorship of the automaker’s bankruptcy last summer — including more than $50 billion in loans — the Treasury Department holds about 61 percent of G.M. Analysts have been expecting G.M. to sell part of its shares during the initial offering, but Mr. Whitacre said that the company anticipated selling them all at once.
Full Story: G.M. Pushes for U.S. to Sell Entire Stake at I.P.O. – NYTimes.com
OBAMA SEES ‘BUMPY ROAD AHEAD’