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GM IPO to show if repayment possible

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GM IPO to show if repayment possible

BLOOMBERG NEWS

General Motors' planned initial public offering will be the "defining moment" in showing whether automakers can repay taxpayers, said Steven Rattner, former head of the U.S. government's Automotive Task Force.

"When the dust settles, the government will get back if not all of the $82 billion, awfully close to it," Rattner said Tuesday in an interview on Bloomberg Television. "The defining moment for people to grasp this will be the GM IPO, because then you'll have a stock price, and you'll know how many shares the government owns."

Rattner, 58, directed President Barack Obama's auto task force from February 2009 until July last year, after GM emerged from a bankruptcy backed by $50 billion in government aid. He has since written a memoir of the process called "Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry."

GM, 61% owned by the U.S. Treasury, filed for an IPO last month through which the government will sell some of its common shares in the Detroit-based automaker.

GM is seeking to raise as much as $16 billion in a November IPO, people familiar with the plans said in August. The U.S. also holds stakes in Chrysler and Ally Financial, formerly GMAC.

Read more: GM IPO to show if repayment possible | freep.com | Detroit Free Press http://www.freep.com/article/20100922/BUSINESS01/9220332/1331/Business01/GM-IPO-to-show-if-repayment-possible#ixzz10GM1aHiv

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