With recent chrysler chapter 11 and now GM Shareholders Wipe out (few cents on the dollar) with GM 1-for-100 reverse stock split. So what Obama team is telling to financial institution is we don't care of your business model so you have to take the risk, So here is the whole story:
General Motors Corp. notified shareholders Tuesday it is planning a reverse stock split that would give them one share of new stock for every 100 shares they currently own.
The automaker said in a filing with the Securities and Exchange Commission that the deal would be part of an agreement with the Treasury Department in which the government would assume at least half of GM's debt in exchange for company shares. GM will send the information to shareholders currently holding a total of 610.5 million outstanding shares.
More here
Tuesday, May 5, 2009
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