112 Hedge Funds Scream In Pain As GM Drops To Fresh Post-IPO Low

Tyler Durden's picture

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.

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FOC 1183's picture

"House of Pain"

tallen's picture

Remember, it's not general motors. It's GOVERNMENT Motors

Ahmeexnal's picture

Twentieth Century Motor Company.

MrBoompi's picture

Oh man, I'm only gonna make $4 Billion this year....

jus_lite_reading's picture

Problem solved..... cut a few more trading desks but keep the record bonuses for the top brass

spiral_eyes's picture

lol welcome to the world of too big to bail.

Rainman's picture

But I thought channel stuffing was working just fine....everybody just needs to BTFVolt.

Cash_is_Trash's picture

Let us remember that the bank bailouts began with the automaker bailouts.

Shit cars channel stuffed funded by a comatose taxpayer.

'Like a rock, ohhh like a rock' - Like a rock you're sinking into the Mariana Trench

SheepDog-One's picture

Problem is, the Volt burns your house down. Oh well GM, maybe next year.

Au_Ag_CuPbCu's picture

Wouldn't tens of thousands of houses burning down be good for the economy?  I heard it was good for Japan's.  What????

Rogerwilco's picture

+(240V) creative destruction!

Cleve Meater's picture

... And Chevy Cruze steering wheels fall off:  www.cruzeless.com

Sheriff Douchenik from AZ's picture

Actually they might be catching on fire. Might not be the Volt's fault though as this numbnuts converted his Suzuki Samari to electric power also. Hope his insurance takes a long hard look at this one:



Sorta neat that the Volt caught on fire twice. Must have been someone at Toyota...

EZYJET PILOT's picture

deja vu, April 2010. The f@ckers are letting the casino lose a bit of money before the announcement of QE3, or QE3 in disguise, in September. So predictable, morons.

ZackAttack's picture

Always pleased to see one of the 2-and-20 crowd taking it up the chute.

Sudden Debt's picture

When OPEL GM failed here in Belgium, we hired one of the executives to join the staff.

When he got fired from OPEL, he got a handshake of 200K and invested it right back in the GM IPO... He even took a broker to do it for him...

I've been discussing that "investment" with him as the stupidest move ever but as a coporate GM lover, he just won't listen.

He's been pretty quiet these last few weeks :)

And I constantly remind him that it will go to 18$ by the end of this year :)

He must really love me for it :)


hedgeless_horseman's picture

GM will once again find ultimate support at zero, probably sooner than we imagine.

Stocks are not race horses.  You can switch out if you are behind.

lynnybee's picture

l.o.l., sudden debt, on your comment .....

ExpendableOne's picture

Not nice to taunt the dingbats like that.

Id fight Gandhi's picture

Why again did the us government need to buy gm? They made shit cars for decades and then loaned out money to shitty borrowers. Fuck them in the ear

Buckaroo Banzai's picture

Duh. To bail out the unions, and the management.

3.7.77's picture

Actually the gov would have bailed out Gimmee Motors wether or not the union was involved.  You know, the country goes as GM goes. Die Gm Die.

I am Jobe's picture

Bring back Rick Wagner. He was a saviour. Where is that Fuckhead ? Taxpayers will never recoup the TARP funds. Its over. Stick a fork.

treemagnet's picture

socialized loss and privatized....er, loss?  Thats wrong, fuck - how did it go again?

topcallingtroll's picture

Lol.....the government even fucks up at the moral hazard game.

DonnieD's picture

Cue Rattner on Criminal News and Business Channel to tell us what a great idea it was for taxpayers to sell their children a little deeper into debt slavery to bailout GM's unions.

Sudden Debt's picture

"To break even, the U.S. Treasury would need to sell its remaining stake—about 500 million shares—at $53 apiece

Maybe if they delute their stock with 1 billion shares every quarter, they can get their money back?

I worked with Citibank :)


NidStyles's picture

Watch Chrysler follow, and then the Government will step in to break up Ford under an anti-Monopoly case.

bob_dabolina's picture

GM is a disgusting company.

So is the US government for that matter.

Long-John-Silver's picture

First they forced us to buy Health Care Insurance.

Will they now force us to buy a Chevy Volt?

bob_dabolina's picture

I wouldn't buy a GM product with my worsed enemies credit.

ExpendableOne's picture

I inherited a Buick from my Father.  Drove it for 5 years (hey it was paid for).  Last month, it caught fire in the Costco parking lot and burned up the engine compartment.  My new ride is a Honda Ridgeline.  Never set foot in a GM, Chrysler or Ford showroom.  

MrBoompi's picture

I have a Ridgeline and a BMW, but I also own a '65 Chevy Caprice with a 396. Frankly I like all three vehicles very much.

Urban Redneck's picture

Fuck the Volt and sink GM, get VW to start producing the XL1.

Sudden Debt's picture

I bet your post is being printed and put in "the idea box"


... somewhere in the Washington area...


SDRII's picture

Need to buy subprime lender ASAP

pauldia's picture
Government Gov’t Looking to Sell its GM Stock — A Potential Loss of Over $11 Billion

Posted on April 19, 2011 at 9:44am by Jonathon M. Seid


and this................




Seasmoke's picture

i want to see GM go to zero, even more than BAC

prole's picture

How many times can the Trabant Motor Company go bankrupt?

orca's picture

"Good luck with that: not even State Street can institute a short squeeze of such epic proportions."

Yes they can, they did it pre-crash with entities like FNM and also GM.
And yes they will. This bitch is worth playing contrary with calls once it breaks hard to the downside. Long only. They have the $$$$, they want it up, so let them buy it up for you.
And yes, afterwards they'll enter chapter 22, playbook is still fresh from the last time.
GM, the perma IPO of the 21st century.

Tracerfan's picture

Fair value is $0.00/share

treemagnet's picture

I just checked with Phil "Mr. Detroit" LeBoe, he said thats just wrong and mean spirited.  He asked "have you seen a Volt?"

SheepDog-One's picture

I've seen a Volt, burn down a house.

squexx's picture

Maybe they should change the name of "Volt" to "Old Sparky!" (Think electric chair.....)

Sancho Ponzi's picture

That's OK, Obama has a twofold solution:

1) Make government bigger and buy more GM fleet vehicles

2) Order LaHood to recall Camrys, Corollas, Fusions, Foci, F150s (done,) Altimas, Sonatas, Elantras, Civics and Accords.