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Goldman To Close Books For GM IPO Allocation On Friday, Three Days Ahead Of Pricing
An interesting development for the biggest market event of the year for US capital markets, the GM IPO, which is supposed to start trading next Thursday (why else would Brian Sach have a POMO every day next week) is the news out of Dow Jones that Goldman Sachs will close its books for GM share allocation on Friday at noon. Dow Jones takes this as an indication of massive demand. Perhaps, although with Goldman third row in the bracket, below MS, JPM, BofA, Citi, Barclays, Credit Suisse and Deutsche, they hardly had a big allocation to fill. More likely, this is merely a way to snub the government and demonstrate that unlike the other banks (none of whom are closing books early) it has done its job the fastest and the most efficient. That said, should Brian Sack not be able to contain the suddenly very jittery market, we would not be too surprised to see someone pulling the "market conditions" cop out card over the next week.
From Dow Jones:
Investment bank Goldman Sachs Group Inc. (GS) will stop taking orders for General Motors Co.'s IPO Friday at noon, according to an analyst, an early sign of high demand for the deal three-and-a-half business days before it is expected to begin trading.
Although initial public offerings that generate strong investor response sometimes fill all orders a day or two ahead of pricing, Goldman's decision to stop taking orders so far ahead of the stock's debut is somewhat unusual, said Scott Sweet, managing director of research firm IPOBoutique.com. General Motors' stock is scheduled to begin trading next Thursday.
Sweet said Goldman is the only underwriter so far that has indicated plans to stop accepting orders that far ahead of pricing.
Goldman Sachs wasn't immediately able to comment; a spokesman for General Motors declined to comment.Goldman is one of 35 underwriters participating in marketing GM's stock to investors, but it is not a lead bookrunner on the deal. Its lower profile on the offering means that the amount of shares it can allocate to clients is smaller than lead banks like Morgan Stanley (MS) and JPMorgan Chase & Co. (JPM).
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Is this demand just a front running play to the rest of the market or am I missing something about GMs business/debt structure?
I think I just bough a few silver shares off of Goldman
Just look at this 6.2099 ask LOL, my bid was 6.21
11/11/2010 12:48:24 Bought 900 xxx@ 6.2099
11/11/2010 12:48:24 Bought 100 xxx@ 6.21
QE2 is a far bigger deal for capital markets than this IPO.
Why would the Fed coordinate with Treasury? The Fed is independent, apolitical.
All these consecutive days of POMO coming is to ensure that the scam of selling GM shares to the public will look successful. <= My bad, TD just said that.
The fact that GM is even considered IPO worthy is a joke.
But then, you put on your thinking cap and you realize that they will be one of th elargest suppliers to the MIC in the coming war. No harm getting a few public billions in to fund the war machine.
The GM IPO is a hidden war tax. I suppose, in this tragi-comic world, they actually make a good investment.
Yuck!
ORI
http://aadivaahan.wordpress.com
Maybe Goldman just kept it all for themselves and will sell into the initial runup.
I'm sure there's money to be made in this pump and dump, I just can't bring myself to wade into shit that stinky.
GM...backed by the full faith, and credit, of the United States Government. What could possibly go wrong?
For the love of God, Tyler, stop calling it an IPO. It is a PO.
I heard you were a Pasta Jay's fan! I was just there a couple days ago.
Long time patron. Good times...good times.
How about IPOS.
If nothing else this is a great flip for anyone who gets in on the thing - and for that reason it should be well subscribed. No way this is allowed to trade underwater on day 1. After that though...
Getting in might not be the problem...... getting out..... maybe like a few elephants trying to push through the doorway simultaneously.
Drudge is reporting that China (SAIC) is buying a stake in the GM IPO
so it has come to this - the us selling sh$t
How long could this have taken...
GM goes broke - account zero'd
Debts = ZERO
Bailed out by taxpayers - new balance=$50,000,000,000
All assets measured by using the rainbow colored skittles, fresh from the unicorns ass
TADA! IPO and everyone gets a HARD ON!
Hahahahaaaa!
Thanks for the laugh O Cheap one.
Well delivered frustration is a funny thing to behold/read!
It is a PO though, funny that it's being called an IPO.
Anyways, funny good night medicine from ZH.
I'll be dreaming of electric volts tonight!
ORI
http://aadivaahan.wordpress.com
Where I can I buy the GM bonds... LOL
Will the buying frenzy suck capital out of other equities?
Anyone else catch both WFC and BAC trading down 1.43% at 1:43??? Hmmm.
i think the reason they are pushing forward the ipo and trying to close as it is awefully hard to keep the markets with a hard on
with the euro plunging and the carry trade about to unravel, it is clsting them more to keep market afloat than the fees with this ipo
I'm buying this dog for a short term trade. Has to go up in short-term.
GM had better get the IPO over with soon before buyers begin to bolt from the $40,000 Volt. That will be a major disaster.
If you can blow a fuse with a toster oven wait till you see what happens when they try sucking that voltage out of their household wiring...
So after the government gives GM tens of billions to supposedly prevent bankruptcy, and then approves and fast-tracks a pseudo-bankruptcy just a few months later that wipes out the unsecureds, then no more than a year later they announce a new GM IPO, they intentionally match up massive daily POMOs with the IPO? Where's the conflict of interest, where's the illegality of this? This is absolutely outrageous. This country is Fascist, there is no denying it now.
After the CCX crashed & burned maybe they're a little gun shy on IPO's ;-)
http://www.chicagoclimatex.com/
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