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All of General Motors' top brass were in person on Wall Street this morning to witness the company's return to public life. In fact, GM took over the New York Stock Exchange with a giant banner hung on the outside of the building and the revving engine of a Chevrolet Camaro SS accompanying the traditional morning bell that opens trading at 9:30 AM. Follow the jump to watch a short video of the bell-ringing/engine-revving from the show floor.

As soon as that Camaro came to life, shares of GM – given the simple stock symbol of 'GM' on the exchange – jumped up sharply from the initial IPO price of $33. They quickly hit a high of $35.99, fell a bit and are again trending upward at $35.33 at the time of this writing (Follow GM's stock in real time here at Daily Finance). To put that in perspective, GM stock traded for less than a dollar back in 2009 before the company filed for bankruptcy.

What effect does today have on the U.S. government's role in GM's future? For starters, the federal Treasury is selling off more than 400 million shares of GM, reducing its stake in the company from 61 percent to 33 percent. Reports estimate that in order for the government to break even, its remaining shares would have to be sold for an average of around $50.

Given the excitement surrounding today's historic event, which could ultimately turn out to be the largest IPO in history, and the sharp jump in share price this morning, the U.S. government breaking even on the bailing out of General Motors seems more possible today than ever before.

Stay tuned for more updates on the stock's performance throughout the day on our Twitter feed, as well as an end of day report on where it closes.

[Source: Associated Press]

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    • 1 Second Ago
      • 4 Years Ago
      I'd still rather invest my money in Ford.
      • 4 Years Ago
      WOWWWWW people are MORONS! Do you have ANY idea what your even talking about???? First of all... YES GM and Chrysler BOTH received Government Issued LOANS. Meaning that they will BOTH have to REPAY their loans WITH INTEREST. this isnt the same as the money that was GIVEN to the banks and mortgage companies. Chrysler has yet to pay back a DIME! GM has already paid back BILLIONS of dollars. Also people seem to have AMNESIA when you talk about FORD getting a $31,000,000,000 YES 31 BILLION dollar "loan" from the Bush administration in 2006! So not only did they get your precious government cash they havent paid back a DIME! PLUS they mortgaged their company ENTIRELY! And are now in debt with FOREIGN banks by BILLIONS of dollars. So yes I was 100% FOR GM getting Government cash. Not ONLY are they paying it back FAR ahead of time they are ALSO paying the cash BACK to the Goverment WITH INTEREST! Im NOT a fan of Obama but ANY president would have done the same! If you have ANY idea of how terrible of a crisis we would be in if they didnt survive you would shut up. I would have jumped ship and went back to buying German Vehicles. WAY TO GO GM! I will be buying my shares this week. Im a supporter of GM ONE MILLION PERCENT! AMERICA LOVES A COMEBACK! LETS ROLL!!!
      • 4 Years Ago
      Go GM! Go USA car manufacturing!

      Thank goodness we had the right people at the right time making decisions for our country to give loans to this company to survive.

      At least $2M jobs saved and more are being created.

      It'll be interesting in 2012, when tax payers will show a profit from bailing out GM, how the tea baggin' GOP leaders in MI, OH, and IN who was against the bailout, try to justify their earlier positions.
        • 4 Years Ago
        I might get down voted but I still don't like the fact that the government owns a part of them and even more now that they are public.
        • 4 Years Ago
        Since Rattner wrote the book it needs to be taken with a grain of salt.....

        BTW I doubt you bought any GM stock.
        • 4 Years Ago
        No, we will not recover the cost of the GM bailout. Obviously you don't understand why this alarmed so many people. The problem isn't the auto bailout. The problem is the concept of "Too big to fail." It means these large corporations can continue their reckless behavior and depend on the tax payers to rescue them. Not to mention the fact now Ford is competing with the US government, who also sets the regulatory standards and oversight.
        • 4 Years Ago
        By "right people" you mean Bush, right? After all, he kicked off the bailout with over $13B to GM that literally let the company keep the lights on and make payroll.
        • 4 Years Ago
        Well I don't like that the UAW got a fat slice of GM. That was the worst part of the whole thing...everyone else that had an active stake in GM's downfall lost big time but the UAW lives on.

        @ FordGTGuy...I don't understand if you are upset with the continued gov't stake or the fact that they are public. If the alternative to those two is private equity I think you should reconsider.
        • 4 Years Ago
        I'm with you completely. All the doom and gloom has been disproved. Now, it's just a matter of time to see how the final details play out. Hell, I'll be rooting them on so my stock makes money!
        • 4 Years Ago
        @ Shawn:
        Sorry but, I don't own, or play video games, and the TV I watch is generally for entertainment. If I want to "learn" something, I actually try READING. You should try it sometime.
        • 4 Years Ago

        There are a few problems.

        1. The government is not supposed to own any part in any company, how can they be impartial to Ford or Chrysler if they own a stake in a competing motor company.

        2. When the government does sell its control in the company who is to say that the stock won't plummet and the only ones screwed in the deal will be the investors.
        • 4 Years Ago
        @Katshot who is replying to Dern and others ...

        Instead of taking shots ... be a team player, put your money where your mouth is and quote or reference what we should be reading.

        • 4 Years Ago
        @ henrykrinkle:
        While I won't fault Bush for establishing TARP and throwing the initial money at GM (and others), what he did was only a drop in the bucket compared to what followed over the first few months of the new administration.
        • 4 Years Ago
        @ FordGTGuy:
        You DO realize you're talking about the stock market, right?
        • 4 Years Ago
        RE: Fordgtguy

        I agree! Oh, and don't worry about getting downgraded on this site... there are tons of ignorant bandwagon idiots that comment on Autoblog. It means nothing.
        • 4 Years Ago
        @ Pat:
        I have quite literally put my money where my mouth is. I bought GM stock this morning. So I am doing my best to help the American taxpayers get their money back.
        As far as a great source about the auto industry bailout, I would refer you to Steven Rattner's book Overhaul: An Insider’s Account of the Obama Administration’s Emergency Rescue of the Auto Industry. Regardless of your feelings about Mr. Rattner, the book is a great read IMO.
        • 4 Years Ago
        @ Dern:
        That "fat slice" to the UAW you refer to was actually a real smart move. If you were to read about it, and get the details, you'd know that.
      • 4 Years Ago
      I wonder what the international breakdown is and how much of this will end up in China. GM brands are worth money in China and the Chinese no doubt want to buy control of that. SAIC is taking a chunk, but I wonder how much.
        • 4 Years Ago
        SAIC is only buying a symbolic 1 percent of GM worth about $500 million. Nothing to write home about.
        • 4 Years Ago
        GM stock opens strong

        Akerson said he's pleased that the company's partner in China, SAIC Motor Corp., had bought a 1% stake in GM as part of the public offering.

        "I think SAIC has been a great partner. We hold the No. 1 position in market share in China, and that's good for America," he said. "I think that [1% stake] is an indication of the strategic relationship between the two companies and I think that's a strong plus."

        GM Chief Financial Officer Chris Liddell told reporters on a conference call that there had been strong interest in the offering from sovereign wealth funds, the investment entities controlled by foreign governments. But he said that was balanced by so much domestic demand for shares that 90% of the offering ended up being purchased by North American investors.

        Liddell wasn't clear if GM employees and retirees, who had the opportunity to buy up to 5% of the shares, had fully purchased that allocation, but he said he believed demand was close to full. And he said $4 billion of the shares, or about 20% of the offering, had been purchased by retail investors rather than major institutional investors such as mutual funds, pension funds or hedge funds.

        • 4 Years Ago
        That 1% is the percentage of SAIC that GM is selling back to SAIC (it has sold shares back to SAIC a few times over the past years, GM no longer has a controling share of the company). SAIC and affiliated Chinese banks are also buying shares in GM. The total amount has yet to be disclosed.
      • 4 Years Ago
      that was alot of clapping
      • 4 Years Ago

      The taxpayers will likely never see a profit from the bailout


      Additionally, the UAW has less than 1 year left in their "no strike" clause. Once that's over and the automakers remain profitable, what's going to happen? Anyone with an IQ over 50 knows that the UAW is going to try to win back concessions made.

      I am glad to see GM back on the NYSE, but GM has a long way to go. One quarter of profitability isn't a trend.
        • 4 Years Ago
        Actually, there's no reason to believe that the taxpayer won't see a profit. And as far as the UAW goes, considering that their retirement benefits are now funded by the equity they hold in GM, I'd say that it's in their best interest to make sure GM remains profitable.
        • 4 Years Ago
        Epix, that would make sense if they weren't "cooking the books", look at the WSJ article posted by FStock.
        • 4 Years Ago

        There's a no strike clause?

        Hahaha I literally just thought the UAW decided to shut up and realize they're lucky to have jobs in such a horrid economy. Figures as much.
        • 4 Years Ago
        How about three quarters?

        Seriously, I know what you're saying. The road ahead is still unclear, but credit where it's due...it hasn't been just one quarter.
      • 4 Years Ago
      Camaro seems like a fitting car for this, somehow.
      • 4 Years Ago
      I'm not quite sure why we are celebrating this in the first place.

      Congratulations that it took a recession, bankruptcy, a govnerment bailout, and federal takeover to streamline operations and finally begin producing adequate automobiles?

      The business practices, mediocre product offering and ambivalent per market competence of GM prior to the recession is long but forgotten in my mind. It's about damn time in my book.
      • 4 Years Ago
      As has been said before. There are "behind the scenes" manuverings that are insuring that the Gov will be able to get the vast majority of their money back. Take that however you will.

      After the Gov is out of the picture, make sure you are too, as that disclaimer about GM's financial controls will really come into play, and the stock will dive. Do not touch GM until well after the Gov is out. We will see the true stock value then.

      Of course, there is always the old saying. "A fool and his money, are soon parted."
      • 4 Years Ago
      Hope that people will stop calling it government Motors from now on.
      • 4 Years Ago
      The GM debut comes at a time when auto stocks are performing well generally. The stock of GM's crosstown rival, Ford, has risen steadily this year, from about $10 in January to about $16.50 as the GM IPO approached. The stock traded for a dollar in November 2008, and Ford never even took bailout money.
      • 4 Years Ago
      Let's all see where the stock price goes after the first recall.
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