It isn't clear how many shares of General Motors will be issued. I've nosed around, but can't find anything definite. However, the general indication is that the U.S. government (that is, us) will own 60% post bankruptcy.
I want my piece immediately. And I want you to get yours to. According to the IRS website, about 156 million tax returns were filed for 2008. So, let's do this: 156 million multiplied by five equals 780 million shares. So, distribute five shares to everyone whot filed a return. After all, we taxpayers are going to be paying for this mess for years to come.
Sure, there will be some very predictable whining that the government can't get repaid like that, or the cost to GM of keeping records and sending annual reports to all those independent shareholders is too great a cost. Well, I don't give a damn about that. The bad management and greedy unions that got GM into this mess could have foreseen the problem and they didn't. Tough noogies. I want my stock.
And, as soon as there is a public market, all us five share holders can sell if we wish, and the stock can be accumulated into larger positions if there are any interested investors.
The Conservative talk shows are all complaining about the socialist direction the government is taking. Well, this puts us back in the direction of capitalism and markets.
Email your Representatives and Senators. Addresses etc. can be found at www.house.gov and www.senate.gov. Start a movement.
I'm calling it the Morph plan for General Motors. Get your stock. Don't let the lying weasels in Washington cheat you out of it.
We want our stock.