GM is Worthless
You should all be thrilled with this investment you made over the last couple months. You have invested close to 20 billion dollars, that's 20,000,000,000 (yep that's 10 zero's you see there) in a company that had close to no chance of surviving from the start. Well, the inevitable is here, well almost here. On Monday GM will most likely officially file for bankruptcy.
I asked a very smart person today why GM's stock prices isn't $0?
His response: "Stupidity (and the certificates make good wallpaper, which usually retails for about $10 per foot)."
I had to share.
1 comments:
I think under the current plan they actually might end up with a 1% equity stake...how you ask the bondholders to take such a ridiculous haircut relative to the UAW and don't wipe out the equity holders is beyond me. GM's market cap is also only $900 million, yet billions from the government keep coming in.
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