16
Nov
At my old job, we worked with and managed money for Steinhardt Partners. Michael Steinhardt has long been considered a very smart money manager. My old boss always said he was brilliant, even if prickly.
He was on CNBC this morning. When asked what he would do if he just received a big allocation from the upcoming GM IPO: Sell. “As quickly as I can. I don’t think one should be a long-term holder in government securities, particularly government equity securities.”
Sad and pathetic that General Motors is considered that. But true. Same goes for GE, BAC, C and more. Ugh.
11:26 am on November 19th, 2010
Steinhardt is a million percent right. The ‘new’ GM seems like it’s going to be run a whole lot like the old one.
Oh, and for all the hype about this IPO, people seem to conveniently forget that in order for the taxpayers…er, the government to be made whole, the stock needs to get to around $53 per share. I’m not holding my breath for that one to happen any time soon.
11:50 am on November 19th, 2010
Yep – they still have the unions to contend with, even though an agreement in place for them not to strike. They will still be the giant blood-sucker they have always been.
Although, perhaps $53 is exactly where it will magically go before 2012 and Obama’s next election so he can claim a giant victory and show how genius his decisions actually were. Wonder how much Soros got in the IPO?