Lazard hired by US Treasury Department for GM IPO

Lazard Ltd. has been appointed by the US Treasury Department to give advice on an initial public offering of General Motors Co., according to a source familiar with the issue.

Last July, GM emerged from a government-sponsored bankruptcy after it received a $50 billion government bailout resulting to the US Treasury getting nearly 61% ownership of the company while Canada and the province of Ontario own close to 12%. Several firms were interviewed by the Treasury for the advisory role. Greenhill & Co. and Perella Weinberg Partners were among those considered.
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Steve - 5/25/2010 11:57:51 AM

-5 Boost

What a HUGE mistake: Buying an ailing company that's in bankruptcy, and no viable recovery plan. That's pretty well the definition of throwing good money after bad. And rewarding poor peformance.

91z4me - 5/25/2010 12:55:39 PM

+5 Boost

They wouldn't be planning an IPO if there wasn't a viable recovery plan, because no one would buy the stock. Perhaps you should look into this a little more.

M35MT - 5/25/2010 1:06:07 PM

+4 Boost

Steve, GM went bankrupt. The "New GM" is a new company, new offering. Same products, different books.

Steve - 5/25/2010 3:48:19 PM

-2 Boost

See y'all next recession. At that time, let's review if "The New GM" comes back to feed at the trough just like the "Old GM" did, and just like the "Old Chrysler" and the "New Chrysler" did.

The pig that feeds at the trough returns to the trough, even if you give it a flashy new name. Honestly, and mean *HONESTLY,* I hope that I am wrong and that I'm eating crow next time around.

Dr550 - 5/25/2010 5:59:00 PM

0 Boost

Steve Rattner was once executive at Lazard. Hired by Obama as car "czar." Rattner, big Democrat fund raiser, now in trouble with New York att. general over Quadrangle Hedge fund and "pay to play." Read Lazard is charging GM $500,000/month retainer fee, for 1 year or more. Seems like "old" GM to me.