GM Playing the IPO Game

Today, Thursday, November 18, 2010, General Motors started trading their stock on the New York Stock Exchange.

“The start of trading in GM shares represents the last step in a blockbuster initial public offering negotiated by the Obama administration that raised $20.1 billion after pricing the automaker’s shares at $33 each.”

100 million shares were sold in the first 20 minutes when the shares ranged between $35. and $36. a share.   Daniel Ackerman, the CEO (Chief Executive Officer) to be in September commented on CNBC in response to questions about prospects, including stock prospects, stated we are looking “at the long-term; “that’s the way we are playing the game.

Playing the game” is a sports and games idiom used in business a lot.  I guess one could say capitalism and business is a game with rules.

At any rate, this is an historic event and good for the U.S.



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