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Hedge Fund Titan Steinhardt Says He Would Sell GM Stock "As Quickly As I Can"

Tyler Durden's picture


On one hand you have Phil Lebeau. On the other you have legendary hedge fund investor Mike Steinhardt. When asked whether he would sell a hypothetical allocation of GM stock, Steinhardt's response is about as priceless as it gets: "As quickly as I can. I don't think one should be a long-term holder in government securities, particularly government equity securities." q.e.d.

Fast forward to the end


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Tue, 11/16/2010 - 15:06 | 731760 Ragnarok
Ragnarok's picture

Awesome, the truth/common sense  is so refreshing.

Tue, 11/16/2010 - 15:10 | 731792 ZeroPower
ZeroPower's picture

Excellent info re converts by Larry McDonald as always... and classic Steinhardt at the end of the clip. Simple, concise... Win.

Tue, 11/16/2010 - 15:34 | 731873 Divided States ...
Divided States of America's picture

CNBC ran this segment a few days ago about how the retail investors cant get into the GM deal while institutional investors got allotted with most of the GM IPO. Then they said that they will expand the IPO so that other investors can participate with CNBC hyping the deal saying that its oversubscribed and that the price range has been increased. The whole reason for this is that there really is no demand from the institutions OR that the institutions plan to dump this POS (like Steinhardt mentioned) the second it starts trading and they need the retail guys to become the bagholders. Typical Wall Street games at work here.

Tue, 11/16/2010 - 15:41 | 731902 Pladizow
Pladizow's picture

The old "Take Away"

No you cant have any x 100.

Oh, wait we do have here some for you.

Do you still want it?

And the pigs eat the shit!

Tue, 11/16/2010 - 16:08 | 732003 hedgeless_horseman
hedgeless_horseman's picture

Yes, this is good stuff.  I SWEAR I WILL NEVER BUY A GM PRODUCT

However, on a much more important note, Pladizow has seemingly accomplished what I had thought practically impossible.  (S)He has upgraded his/her avatar.  Applause.

Tue, 11/16/2010 - 17:02 | 732258 Pladizow
Pladizow's picture

If by "Upgrade" you simply mean vertically higher on the female anatomy, then I agree with you.

Tue, 11/16/2010 - 17:18 | 732348 gmrpeabody
gmrpeabody's picture

I thought those were slingshots... ;)

Tue, 11/16/2010 - 23:22 | 733171 Aristarchan
Aristarchan's picture

I was opting for trebuchets.

Wed, 11/17/2010 - 00:33 | 733270 StychoKiller
StychoKiller's picture

No matter which way you look at them (preferably up close, with slobbering!), you could put your eyes out wit those! :>D

Tue, 11/16/2010 - 16:28 | 732100 ZeroPower
ZeroPower's picture


The primary market always leads the secondary (stock exchanges) market.

As for the institutional demand, ive spoken with a buy-side friend who said his co has about $20MM allotted for the bonds. They can of course hedge these, as Larry mentioned on the show, by shorting the shares.

So, the demand i'd say is there, but who knows for how long.. Thats why Steinhardts AM fund has some dough it in as well. Youd be a fool not to take a few points from the offering.

Tue, 11/16/2010 - 20:01 | 732830 Waterfallsparkles
Waterfallsparkles's picture

If you want a Government owned stock buy Aig, Fre, Fnm.  They are a lot cheeper.

Tue, 11/16/2010 - 15:46 | 731918 monmick
monmick's picture

Is this the same Larry McDonald who used to play for the Leafs?

Tue, 11/16/2010 - 16:24 | 732078 ZeroPower
ZeroPower's picture

Haha. No, not him:)

Tue, 11/16/2010 - 16:25 | 732083 deez nutz
deez nutz's picture

That was Lanny.

Tue, 11/16/2010 - 15:06 | 731761 redpill
redpill's picture

This could be the most epic pump & dump ever.

Tue, 11/16/2010 - 15:33 | 731865 Cruel Aid
Cruel Aid's picture

Pump, yes

Dump, on us. We're going to be the buyers of a failed IPO.

One way or another it will work.

Its about the Volt, a luxury Prius!

Tue, 11/16/2010 - 15:55 | 731947 DoChenRollingBearing
DoChenRollingBearing's picture

I have to agree about GM being a terrible stock to buy.  Actually it would BENEFIT our business if GM is able to come back, kicking butt, as there are few GM cars in Peru and we sell many of their bearings.

There is so much over-capacity in the auto production that I would buy NONE of them except for maybe Hyundai (the stocks).

Tue, 11/16/2010 - 16:11 | 732010 Cruel Aid
Cruel Aid's picture

I would love for GM to pull their head out of their ass, but they refuse to sell anything small/mid and affordable to the average American, due to the legacy and union overhead, I guess.

Ford has been on this, while Chevy goes big. Now a $40 K Mega prius. Fix your model or your done GM.

Same old song and dance.

I drive a 3/4 ton Silverado. I have been puzzled by GM's model for years. My wife doesn't like driving a tank!

Tue, 11/16/2010 - 17:24 | 732371 gmrpeabody
gmrpeabody's picture

They got burned the last time they went small. They were confused by thinking economy meant chintzy. Japanese ate their lunch. Have been ever since.

Tue, 11/16/2010 - 16:47 | 732195 NotApplicable
NotApplicable's picture

It will be interesting to see how many failures to deliver it takes to keep the price propped up.

Tue, 11/16/2010 - 15:06 | 731768 tony bonn
tony bonn's picture

i'm trying to find out what happened to all of that equity in east german and soviet automakers. that might give us a clue as to what will come of the amerikan government automakers.

Tue, 11/16/2010 - 15:08 | 731779 Cleanclog
Cleanclog's picture

Or the Yugo.  Skoda still exists as does Lada.

Tue, 11/16/2010 - 15:19 | 731814 Joe Davola
Joe Davola's picture

Good to know, but what happened to Tinkywinky?

Tue, 11/16/2010 - 15:21 | 731821 redpill
redpill's picture

Was that the gay one?

Tue, 11/16/2010 - 16:06 | 731997 Blano
Blano's picture

Weren't they all??

Wed, 11/17/2010 - 00:37 | 733278 StychoKiller
StychoKiller's picture

The target audience (children under 4!) wouldn't know or care about such things. :>D

Tue, 11/16/2010 - 15:07 | 731770 economessed
economessed's picture

Why stop there?  Why not sell every stock as quickly as you can?

Tue, 11/16/2010 - 15:10 | 731773 cowdiddly
cowdiddly's picture

Sorry Steinhard. 1000s of HFT computers will beat you to sell this POS once Goldman gets out of their MOTHER OF ALL PUMP AND DUMPS of course.

And, todays headlines from AP states that they are raising the IPO price due to invester demand. AAAAAHHHHAHAAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHA.

Wed, 11/17/2010 - 00:39 | 733280 StychoKiller
StychoKiller's picture

What if you threw an IPO and nobody bought?  Chrylser actually builds vehicles the wife and I bought:  Jeep grand Cherokee and Dodge Dakota pickup (1990).

Tue, 11/16/2010 - 15:07 | 731774 Cleanclog
Cleanclog's picture

Absolutely.  Can their be anything worse than holding government equity paper at a time governments are going to be unable to service their obligations, even while they continue to buoy banks.  Look at Ireland.  Would you buy their Waterford stock?  Oh, you can't.

Tue, 11/16/2010 - 15:10 | 731791 unwashedmass
unwashedmass's picture


that was hysterical...i was watching....really solid, solid work pumping their brains out for the IPO, even projecting a fast three buck gain on the open to get all the pigeons in and holding fast....

and Steinhardt nukes it. glorious.

Tue, 11/16/2010 - 15:36 | 731878 Poundsand
Poundsand's picture

You could just see them all deflate like the auto-pilot in Airplane.  And here they were expecting Steinhardt to bend down and blow as well and then ... ssssssssssssssss

Tue, 11/16/2010 - 16:07 | 732001 Blano
Blano's picture

Thank you for today's laugh.

Tue, 11/16/2010 - 17:35 | 732415 redpill
redpill's picture

You can always tell when the yammering heads hear something they don't like because for one brief second they actually stop yammering as they have a little temper tantrum in their head that their guest didn't say what they wanted them to.

Tue, 11/16/2010 - 18:07 | 732516 Sam Clemons
Sam Clemons's picture

hahaha, i loved that too.  the other guys are talking about all these different metrics to measure the potential success and then Steinhardt says one sentence only and everyone shuts up.  classic.


F looks like its about to get slammed too.

Tue, 11/16/2010 - 15:11 | 731794 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Government equity sucurities.

Tue, 11/16/2010 - 15:12 | 731797 cougar_w
cougar_w's picture

The churn on the GM IPO is going to be epic. Record breaking. Nobody is going to hold that crap. The HFT algos are simply going to go ape-shit with it. My guess is it will rise like a Saturn V rocket for the first few days with a billion shares traded -- the same shares over and over -- and then it will crater.

Tue, 11/16/2010 - 15:17 | 731811 ZeroPower
ZeroPower's picture

Yup, probably a few days of bliss, maybe a week, to catch the weak retail shorts after ex-3 for shorting expires.

Tue, 11/16/2010 - 15:22 | 731819 Cognitive Dissonance
Cognitive Dissonance's picture


I'm very impressed with your creative writing skills my friendly feline. You mentioned you're working on a chapter about Diamond taking down a bank. Are you thinking of publishing or are you just playing with the catnip?

Either way, it would help to get some exposure and I suspect the bank robbery story would fit in nicely here on ZH. I could guest host your piece. The one you showed me from yesterday was brilliant. Please post that link again for the crowd to savior.

Tue, 11/16/2010 - 15:42 | 731906 cougar_w
cougar_w's picture

You are too kind.

Yes Fortran and Diamond will shortly knock over a bank. It's actually kinda funny. And a "deserving person" will be (ever so slightly) set on fire, so that's pretty cool.

The story installment from yesterday:

I like Diamond a lot, she's fun to write for, but she sometimes scares the crap out of me.

Tue, 11/16/2010 - 16:04 | 731992 Cognitive Dissonance
Cognitive Dissonance's picture

It's often scary channeling the inner feline when we've been taught all our lives to repress it. With the human animal, the inner female is the dominant position regardless of whether we recognize it or not. I suspect this is the reason we males have been repressing our females for thousands of years. We must destroy that which is closest to us, beginning within if we are to continue to deny what we are. This is the true human Achilles Heel.

It's always interesting to see how males like to destroy what the females have created, meaning life itself, be it human or nature. I can't help but be deeply saddened as I watch how our females have grown in social influence while being conditioned to reject their female side and join the boys club. The only thing worse than a male repressing his inner female is the female repressing her inner female. This turning point is where humans have recently gone full retard.

Tue, 11/16/2010 - 16:19 | 732044 carbonmutant
carbonmutant's picture

I think that most of that behavior is age dependent.

Tue, 11/16/2010 - 16:33 | 732129 Cognitive Dissonance
Cognitive Dissonance's picture

I would be interested in hearing you expand on your thought. But I've found that insanity isn't age dependent. Our inner sociopath just mellows a bit with age.

Tue, 11/16/2010 - 21:05 | 732941 carbonmutant
carbonmutant's picture

Humans are driven by hormone dependent decision systems.

And those hormone levels change with age; esp. the testosterone/ estrogen ratios. As males age the testosterone levels drop thereby increasing the ratio of estrogen. After menopause the opposite happens in women when their estrogen levels drop, which is why estrogen replacement therapy is so popular in women.

The end result of these hormone changes is a change in behavior. Younger males with higher testosterone levels are much more aggressive than older males or females. Testosterone gives them the confidence to take risks… some they shouldn’t take. But without people taking those risks we’d still be Neolithic. Obviously hormone ratios can have wide variations in the same gender.  Some males have much less testosterone and some females much more than normal.

It's much easier to acknowledge your inner female when your testosterone levels taper down to more manageable levels.

Interestingly enough all humans are born female. It's the release of testosterone by the mother during fetal development that causes the male to drop his ovaries.

This might make interesting reading. The genders are wired differently.

Tue, 11/16/2010 - 22:10 | 733069 Cognitive Dissonance
Cognitive Dissonance's picture

There is no doubt the sexes are wired differently. And I was very aware of the hormone levels. When I tell people that all fetuses start as females, most women are aware of this and most males are almost insulted when they are told for the first time.

Just goes to substantiate my basic premise, that males are mostly in denial of their female side and go to great pains to repress it. Right down to male posturing and excessive/aggressive shows in order to mark their territory and prove they are all male.

Wed, 11/17/2010 - 09:28 | 733671 ibjamming
ibjamming's picture

We don't ALL start as females!  Males have an X and a Y chromosome...they're males from the first split of the fertilized egg/cell.  We LOOK female because that's how we develop...those aren't OVARIES ready to drop in males...they're BALLS!  They just developed where the ovaries develop.  It's easier to start with 1 basic form and modify it later.


Not trying to be a prick...just setting the record straight! 

Tue, 11/16/2010 - 19:37 | 732765 kiwidor
kiwidor's picture

I think you've been reading too much BS.  Read this to reset the organ;

If you really want to see the unregulated, unrepressed woman...come to NZ.  There's plenty of them, please take as many with you as you can.


Tue, 11/16/2010 - 20:27 | 732878 cougar_w
cougar_w's picture

The equality-theory (as I will call it) is not embraced on the grounds of any startling facts which have only lately come to light.

It needn't even be a theory. Occam's Razor is very much in play here; the obvious point to start from is simply the proposition that men and women are of equal intelligence, there being no obvious reason to assume otherwise. The same applies to people of color, people of different regions, the people's of other historical eras, and people of difference occupations. There being no obvious reason to assume otherwise. That right there is the key.

I think that if I could hazard a generalization, then it would be that people who think of themselves as intelligent think a lot about intelligence. And people who don't worry about such relative things don't dwell on the topic at all. But doing so or not is itself not an indication of intelligence as much as it is ego. And there is nothing wrong with that either, it's just how people are. It is always useful to understand how people are.

Intelligence itself is actually a red herring. I've yet to see a convincing argument that someone has uncovered the one, true measure of intelligence. And I've heard quite a few arguments. Intelligence as a human quality is elusive, mercurial and highly subjective. That's not even my personal opinion, that is simply how intelligence is, and people possessing any significant amount of life-experience will tend to agree and then laugh and move on.

That's just how it is. You don't have to be a genius to get to that point of acceptance. Though I suppose I'd have to admit, it helps.

Wed, 11/17/2010 - 09:31 | 733677 ibjamming
ibjamming's picture

Some groups sure as hell do a lot better than others...there's got to be SOMETHING different about them...right?  Personally, I think there are HUGE differences between men and women and the races...but that's just real world experience talking...nothing official.

Tue, 11/16/2010 - 20:44 | 732896 Cognitive Dissonance
Cognitive Dissonance's picture

So your only measure of males and females is intelligence? LOL! Did you know that knuckle dragging is tough on the knuckles?

I never once used the term intelligence nor did I infer it in any way, shape or form? There are many different ways to see the world and intelligence is often the least important of them.

Wed, 11/17/2010 - 00:46 | 733305 StychoKiller
StychoKiller's picture

Guess you don't have enough Intelligence to be accepting of everyone as they are, including the terminally stupid!  A sage always learns more from the fool than the fool learns from the sage.

Tue, 11/16/2010 - 22:25 | 733060 Hook Line and S...
Hook Line and Sphincter's picture

"The only thing worse than a male repressing his inner female is the female repressing her inner female"

Too accurate! The pain, frustration, and confusion I see exhibited by the ladies is mostly caused by this very condition. 

On 'a nuther' note (as I heard a newscaster say last night), I do believe that female creativity stops and starts largely at at the birthing process. This is not a value judgement, just an observation. Most women's minds are so turbulent, so active, so unceasing (like an ape constantly jumping around a cage), that the silence that is needed for creativity in any musical, literary, business, religious, seduction, endeavor, etc just cannot materialize. The lack of female creation throughout the ages is not due to suppression, its due to nature and a wonderful preoccupation with vanity. I respect this 'vanity' by the it's not a negative in any sense (unless unbalanced).

A woman is actually the simplest, least complex of the sexes. Once a man understands this, the world becomes so much brighter. 

Men need to understand that it is much more difficult for a woman to ever be in the here and now than a man.

Hey women, remember, a man is not a woman who happens to have a schnitzel attached.

Men; a life changing easy clue... women react to what they hear stronger than what you react to with what you see. Learn it, live it, navigate it with your silver tongue and you'll make the world a happier place for all parts of your body.

Tue, 11/16/2010 - 17:11 | 732315 ToNYC
ToNYC's picture

GM will channel the Citicorp HFT bread and butter microcentsual feeding station.

Tue, 11/16/2010 - 15:16 | 731805 Gaston
Gaston's picture

Larry Mcdonald's take roughly 4:21 into the video where it states "IPO SHOULD POP 3$ AT OPENING" interesting take.

Tue, 11/16/2010 - 15:16 | 731807 chancee
chancee's picture


Tue, 11/16/2010 - 15:16 | 731809 Cognitive Dissonance
Cognitive Dissonance's picture

New phrase of the day. Get used to it because there more coming where this came from.

"government equity securities"

Tue, 11/16/2010 - 15:23 | 731834 whisperin
whisperin's picture

Hmm, now we have "GES's" otherwise know as guesses!! What we need is a lottery on when it will break below 10.


Tue, 11/16/2010 - 15:25 | 731840 UGrev
UGrev's picture

I have no desire to get used to it. Why should I?

Tue, 11/16/2010 - 17:13 | 732329 ToNYC
ToNYC's picture

Too Government To Fail. Get your Soc. Sec. payment in a Brand-New Car!!!!

Tue, 11/16/2010 - 15:18 | 731813 goldmiddelfinger
goldmiddelfinger's picture

What would you expect from a man whose son married mobster moll maria bartilormo

Tue, 11/16/2010 - 15:24 | 731837 Captain Willard
Captain Willard's picture

Steinhardt, not Steinberg..........geez.

Tue, 11/16/2010 - 15:25 | 731841 goldmiddelfinger
goldmiddelfinger's picture

same crap different daughter-in-law

Tue, 11/16/2010 - 17:14 | 732334 ToNYC
ToNYC's picture

The sound of Jono barfing it up...

Tue, 11/16/2010 - 15:20 | 731817 TrafficNotHere
TrafficNotHere's picture

Wow, did you see the look the guy (McDonald?) pumping the stock gave to Steinhardt?

Tue, 11/16/2010 - 16:18 | 731965 AccreditedEYE
AccreditedEYE's picture

This is the very same Larry Mcdonald who was telling us back in late August that the Shadow Banking industry needed to be saved at all costs... it was the "key" to moving the economy forward again. He's another Lehman alum....

Tue, 11/16/2010 - 15:22 | 731825 Silverhog
Silverhog's picture

That was Great! Good advice. How can you believe sales news coming out of GM with the Feds grimy hands in it.

Tue, 11/16/2010 - 15:22 | 731829 FEDstidius
FEDstidius's picture

Fun times scheduled for the ultracreative and non-compliant.

Tue, 11/16/2010 - 15:23 | 731831 TraderTimm
TraderTimm's picture

It is article titles like this one that just increases my love for zerohedge.

I <3 Truth.



Tue, 11/16/2010 - 15:23 | 731833 doolittlegeorge
doolittlegeorge's picture

and i'd gladly take the other side of that trade.  hey, look....A MARKET!  (Must be a conspriracy or something...

Tue, 11/16/2010 - 15:23 | 731836 LongSoupLine
LongSoupLine's picture

I would love to see how many free GM products or bank acct bumps Phil "asshat" Lebeau has.

Tue, 11/16/2010 - 15:24 | 731838 Dick Darlington
Dick Darlington's picture

Government equity securities, gotta love that. Lol!

Tue, 11/16/2010 - 15:26 | 731842 goldmiddelfinger
goldmiddelfinger's picture
  1. KingWorldNews James Turk - $400 Silver by 2013 to 2015

Tue, 11/16/2010 - 15:33 | 731868 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

$400 silver by next summer, '11.

Tue, 11/16/2010 - 15:26 | 731843 Segestan
Segestan's picture

But these same genius' will gladly outsource jobs and industry to there favorite step-child ......China.

Tue, 11/16/2010 - 15:26 | 731844 RobotTrader
RobotTrader's picture

Looks like Ford is still pretty immune to the currency and bond gyrations today.

Sure has been a much more stable investment than those "resource" and "anti-dollar" stocks constantly touted by the perma-gloomers.

Tue, 11/16/2010 - 15:29 | 731852 SheepDog-One
SheepDog-One's picture

So whats that chart display supposed to insinuate, that you bought Ford at $8 I guess?

BTW, Ford never took a govt bailout, so I have no idea what your point is supposed to be.

Tue, 11/16/2010 - 15:38 | 731887 goldmiddelfinger
goldmiddelfinger's picture

It wants you to know that you can't post a picture and it can.

Tue, 11/16/2010 - 17:34 | 732407 gmrpeabody
gmrpeabody's picture

IT... too funny


Tue, 11/16/2010 - 15:31 | 731861 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Robo, thank you for continuing to put the writing on the wall so effortlessly.  It is curiously entertaining to see the monie makers and market manipulators trying to "get theirs" one last time. 

Tue, 11/16/2010 - 15:44 | 731911 Bill Lumbergh
Bill Lumbergh's picture

Overextended relative to the 200 EMA and an engulfing candle today...bad call Robo.

Tue, 11/16/2010 - 15:58 | 731957 tickhound
tickhound's picture

Easily simplified... You go "retail" and "dollar", I'll go "resource" and "anti-dollar" and we'll re-visit and compare your so called "stability" in 2014 when green shoots and recovery are "assured" by the perma-crocus... Agreed?

Tue, 11/16/2010 - 15:27 | 731846 SheepDog-One
SheepDog-One's picture

GM worst IPO ever, within days I hope it finds its true value somewhere near zero. Penny stock at best.

Tue, 11/16/2010 - 16:40 | 732163 ATG
ATG's picture

What, you don't feel the electricity of $42,000 Volt, the everyday plug-in car for everyone who owes $400,000 plus usury to the Fed and just isn't in hock deep enough?

After all, The Federal Reserve is committed to both parts of its dual mandate and will take all measures to keep inflation low and stable as well as promote growth in employment

You're doing a heckava job Benny and Timmy:

1980 methodology inflation 8% and defacto unemployment 30.5%

Tue, 11/16/2010 - 19:55 | 732809 Waterfallsparkles
Waterfallsparkles's picture

The biggest problem with the volt is the cost to replace the battery.  They do lose the ability to charge over time just like those little 9volts.  So, at 50 thousand miles you need a new battery for about $10,000.

Tue, 11/16/2010 - 20:10 | 732853 cowdiddly
cowdiddly's picture

The biggest problem with a Volt is its electric. After everyones home has been foreclosed on, the apartment landlord gets a little pissed with that 2 gauge electric cord going out to the parking lot.

Tue, 11/16/2010 - 15:27 | 731847 Double down
Double down's picture

The other guy had the smile of shock!! Beautiful

Tue, 11/16/2010 - 15:34 | 731871 His Dudeness
His Dudeness's picture

ZH Website Word Search Results:

1) Bitchez - 2,304,588

2) Bansta - 1,873,642

3) Gold - 1,309,441

4) Silver - 1,309,441

5) Titan - 743,955

and bringing up the rear...

6) Thong - 624,771

Tue, 11/16/2010 - 15:39 | 731894 goldmiddelfinger
goldmiddelfinger's picture


Tue, 11/16/2010 - 15:39 | 731892 Pladizow
Pladizow's picture

He's pulling the Anti-Tepper and buying what he is encouraging everyone else to sell!

Tue, 11/16/2010 - 15:40 | 731897 goldmiddelfinger
goldmiddelfinger's picture

LOL. He wouldn't need to be doing TV to shake a lot of G-Puke loose!

Tue, 11/16/2010 - 15:43 | 731912 moofph
moofph's picture

...i like that q.e.d. at the end (pun intended)...haven't seen that in a very long time...takes me back to me 'ol college days...(tips hat).

Tue, 11/16/2010 - 15:48 | 731917 ewmayer
ewmayer's picture

"And it's hedge fund legend Mike Steinhardt and the US Treasury galloping furiously around the final turn, they're neck and neck as they race for the GM-position exit...who will be the first to unload their stake on the Future GM Bagholders of America??"

Tue, 11/16/2010 - 16:06 | 731996 I think I need ...
I think I need to buy a gun's picture

but cnbc has been touting this for weeks and that us little guys may not be able to get in on this epic ipo.


The volt will be the biggest failure since lehman unless the bond market goes first

Tue, 11/16/2010 - 19:51 | 732796 Waterfallsparkles
Waterfallsparkles's picture

You know when they were trying to pawn it off on the Retail Investors it was a DOG.  CNBC was trying to get Retail Investors to take a lot of the Offering.  That way they could short it into oblivion.  Now they have to try and create Retail investor demand to dump their allotment on, so they do not bear the risk.

The Government still owns 35%, who want to invest in a Government Company anyway?  If you do, why not buy Aig, FRE, FNM.  Look where their stock is.

Tue, 11/16/2010 - 16:07 | 732000 Downtoolong
Downtoolong's picture

Hillarious. I haven't seen CNBC cut to commercial that fast since Maria Bartiromo's bra came unhooked.



Tue, 11/16/2010 - 16:36 | 732144 wisefool
wisefool's picture

Mandy is here. ( I am on a Tivo 2 hour delay) and if her bra came unhooked the only person upset would be erin burnett.

Tue, 11/16/2010 - 21:56 | 733038 Buck Johnson
Buck Johnson's picture

When did that happen, maybe they have it on youtube somewhere.  That must have been funny as hell when it happened.  Also your correct, they cut to commercial because this man told the truth and Faber was trying to show him up but it didn't work because this guy isn't wrong (that comment about 1927 was funny).  They are trying to hype this stock up in order to have it shoot to the stratosphere and then the people holding shares will sell into the retail market a dog stock.  The guy was to nice to say what he wanted to say, but essentially this company stock isn't worth the paper it's printed on since the same issues they had before the bankruptcy (which was controlled by the whitehouse and the judges) is still there.

Tue, 11/16/2010 - 16:41 | 732168 sawyer
sawyer's picture
Lehman Brothers failures exposed in book by trader Larry McDonald



Tue, 11/16/2010 - 16:44 | 732183 holmes
holmes's picture

Is that the same Phil LeBlewit who insisted for six months prior to the GM bankruptcy that GM would never declare bankruptcy? Yeah, I thought so.

That dude should be covering the horse and buggy beat.

Tue, 11/16/2010 - 16:56 | 732229 I am more equal...
I am more equal than others's picture

Wet blanket bitch slap.  Throws the wet blanket on government motors - the guy saying a $2 pop looks back at him like a $0.50 whore and his face say ..... what do ya mean you're not going to pay...priceless

Tue, 11/16/2010 - 17:20 | 732355 wisefool
wisefool's picture

As long as they did "not leave money on the table." The history books and my bank account will be fine.

The only reason I am glad I spent money on college was so that I could pass calculus, at the same the I-Bankers learned psychology and called me a nerd.

Tue, 11/16/2010 - 18:12 | 732527 squexx
squexx's picture

ZH-er's should have a betting pool to see which one will sink faster, CA's bonds or GM's stock.

Tue, 11/16/2010 - 19:45 | 732781 Waterfallsparkles
Waterfallsparkles's picture

I have owned GM cars for my entire life and currently own one. But, since the Government Forcefully Bankrupted the Company and gave it to the Unions I vow to never own another GM vehicle again.

Tue, 11/16/2010 - 19:49 | 732792 Thunder Dome
Thunder Dome's picture

GM IS A BUY!  No way this thing rolls over out of the gates.  I plan to make $2 on a trade and off to the pawn shop I go.

Tue, 11/16/2010 - 20:13 | 732863 liberal sodomy
liberal sodomy's picture

Another jew.

Tue, 11/16/2010 - 20:24 | 732877 tsx500
tsx500's picture

wow , could they have cut away from Steinhart ANY  faster  after his comment ? ! ? !      won't see him on HeeHaw anytime  soon again ! ! !

Tue, 11/16/2010 - 22:03 | 733056 Go4er
Go4er's picture

Steinhardt wasn't going along with the program... 

Tue, 11/16/2010 - 21:17 | 732963 Sokhmate
Sokhmate's picture

But there is no retail investor!

Tue, 11/16/2010 - 22:30 | 733102 Hook Line and S...
Hook Line and Sphincter's picture

I want a Volt so bad that I'm naked on top of my table dancing to Freakazoid with a pair of battery cables connected to my nipples. 

Did I mention I get a bad case of Priapus when I drive my Prius?

Tue, 11/16/2010 - 22:58 | 733143 zevulon
zevulon's picture

the man is just talking his book.

Tue, 11/16/2010 - 23:35 | 733192 TwoShortPlanks
TwoShortPlanks's picture

Love how GM and Delphi IPOs come-in on the Coat Tails of a Fed triggered Bubble.

Suppose I need to add 'Market Maker/Manipulator' to the Fed's long list of duties.

Hell, might as well give the Fed Foreign Policy too...Oops, they already do that too.

Tue, 11/16/2010 - 23:53 | 733217 TwoShortPlanks
TwoShortPlanks's picture

GM shares will be flipped faster than meat patties at Beach-side Burger stall. Not too many long-term share owners, just suckers.

Wed, 11/17/2010 - 00:24 | 733262 OCTOPVS
OCTOPVS's picture

I remember this guy being interviewed..confident as ever goes "my price target is zero".  Almost 2 years ago to the day....

Wed, 11/17/2010 - 10:05 | 733769 Diogenes
Diogenes's picture

Who would buy GM bonds when they know the government can take away your legal rights (and money) at any time?

O ya they are convertible into GM stock. Which is worth what?

The whole deal is going to zero as soon as the big boys unload.

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