112 Hedge Funds Scream In Pain As GM Drops To Fresh Post-IPO Low
Nobody could have expected this. Certainly not the 112 hedge funds which hold GM stock on expectations the government, the Fed and GETCO would never let "that company" plunge this far. Next up: a congressional hearing for GETCO regarding charges of ponzi maintenance dereliction. As for the much touted "breakeven" on GM by the US government, the WSJ summarizes it best: "To break even, the U.S. Treasury would need to sell its remaining
stake—about 500 million shares—at $53 apiece. GM closed off 27 cents a
share at $29.97 in 4 p.m. trading Monday on the New York Stock Exchange,
hitting a new low since its $33-a-share November initial public
offering." Good luck with that: not even State Street can institute a short squeeze of such epic proportions.
And the losers, coming in at #10 in the list of most popular hedge fund stock, held by 112 different hedge funds.