With the election behind President Obama, there will be pressure coming from different quarters to sell off the 32% of General Motors that the government owns.
New General Motors CEO Dan Akerson's first bit of big news isn't exactly good news: paying back the taxpayer for loans during GM's dark days is going to take years. How many years remains uncertain, with Akerson saying the company's performance will be the test, since repaying the government in a lump sum would be "unrealistic." It helps that this news isn't exactly unexpected, and if we can take anything from Akerson's 15 days on the job, well, at least he's honest.
According to The Wall Street Journal, members of the U.S. Treasury are worried about General Motors' upcoming IPO. They aren't concerned for the automaker's stock price, or how even how many investors may decide to buy into the company – they're concerned about what country the money is coming from.
Outgoing CEO Ed Whitacre was never supposed to be the long-term chief executive at General Motors. In fact, he never even purchased a home in the Detroit area, instead opting to commute between San Antonio, Texas and a (we're guessing really nice) Detroit apartment. That won't be the case for Dan Akerson, who takes over for Whitacre on September 1st. The Detroit Free Press reports that Akerson is looking into purchasing a primary residence in the Detroit area, placing the current Virginia reside