General Motors took the first step toward once again becoming a publicly traded company, filing its much anticipated paperwork for an initial public offering.

GM, which received a $50 billion taxpayer bailout last year in order to remain solvent, didn't disclose the number of shares to be offered or a price range for the IPO in a Wednesday filing with the Securities and Exchange Commission. The federal government and other stakeholders will sell common shares in the offering, while GM will issue Series B mandatory convertible junior preferred stock.

U.S. taxpayers currently own 61% of GM, but that stake will come down as the Treasury Department sells off its GM shares, according the the filing.

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MSmailbox

We could try staffing GM with volunteers... Before I got shafted in the stock market, I didn't need any more money and I seriously considered volunteering. I was with GM/EDS for almost 9 years and as a Communications Project Specialist (they would save over $100,000 a year!). Still, there are lots of smart young people who need a job and have more years ahead of them, than I. They can have it! I've given my best to EDS and now it's time to fade into the background.

August 21 2010 at 1:20 AM Report abuse rate up rate down Reply
parodex

LOL what a JOKE!!! Oh well, we ALL know that Obama will be there once again for GM once this little deal goes belly up as well. With all the people making out on the whole GM garbage, it really is sickening, makes my stomach sick to think of all those people who are getting rich off of US and there's not a dman thing we can do about it! BASTARDS!!!!!!!!

August 19 2010 at 11:04 PM Report abuse +1 rate up rate down Reply
AL MARTINECK SR.

how can this happen when they have not paid the citizens back??

August 19 2010 at 4:10 PM Report abuse rate up rate down Reply
p8599839

Why would anyone invest in GM when the stockholders got shafted by this administration in favor of the unions. Do they think we're all idiots?

August 19 2010 at 2:45 PM Report abuse +1 rate up rate down Reply
vic5819

Not sure if GM is viable. I discovered a possible scam where GM dealers seem to be charging GM for warranty parts and not installing them on vehicles. Each time a customer comes in for service, the shop "finds" lots of warranty work to do. Customer does not complain as it is "free". Dealer gets reimbursed for labor and if part was not actually installed, they can put it on the shelf and sell it for 100% profit later. Who gets hurt here? Taxpayers now. GM stockholders when they go public. Customers are cheated when they pay higher prices for other parts since GM has to raise prices to cover losses to dealers. Where are the controls in place at GM to stop this aledged fraud? Can GM be a viable company if they are minding the cash register?

August 19 2010 at 10:23 AM Report abuse rate up rate down Reply
1 reply to vic5819's comment
kimberpara214

If this is so than once again G.m has proven that they are miss managed , They should get the old parts back , if the parts are'nt bad refuse the claim , that would stop that mess quick , The dealer would eat it ! Thats what warranty is for . If the have a problem thats how they are suppose to keep-up and fix there problems !

August 19 2010 at 1:01 PM Report abuse rate up rate down Reply
sehanna05

I will never buy a GM motors vechile again!

August 19 2010 at 10:08 AM Report abuse +1 rate up rate down Reply
1 reply to sehanna05's comment
Ralph Towery

Not just GM but ALL cars that UAW help make. They are the one at the bottom of the Auto Mess. I have Honda and Toyota and no troubles

August 19 2010 at 10:52 AM Report abuse rate up rate down Reply
MSmailbox

IPO's are usually very risky, because there is no 5,10,20 year history to examine. Here, we have an unusual circumstance, where the investment is very risky, because we DO have a 5, 10, 20 year history!

August 19 2010 at 9:25 AM Report abuse +1 rate up rate down Reply
Gilbert

After buying both GM cars & stocks over the years & loosing a fair amount of cash upon their going belly up do they really think I want to invest in their co. again?? Let them sell their buicks & stock to China. Screw me once-shame on you.-Screw me twice -shame on me. G.

August 19 2010 at 7:57 AM Report abuse +4 rate up rate down Reply
JUDY

Since I am one of the 61% of taxpayers that own GM, I would like my stock dividend now.! Since the stock price that was turned over to the government has gone down, it looks like we are going to take another loss. GM should have just gone under.

August 19 2010 at 7:28 AM Report abuse +3 rate up rate down Reply
1 reply to JUDY's comment
Brandon E. Depp

and then if that was the case then u too would have been jobless, homeless, not able to live your lifestyle! think about it.......for every 1 job they support 8-10 of your jobs!

August 19 2010 at 7:56 AM Report abuse -2 rate up rate down Reply
Pam

So GM wants us to buy their stock ,then they are planing to move their plants to Mexico ? Adios amigos.

August 19 2010 at 7:25 AM Report abuse +4 rate up rate down Reply