Another day, another disaster for GM. Moments ago, on top of the already previously reported numerous recalls by the car marker bailed out by the US government at a loss (but with so many votes for Obama won that who's counting), here is the latest.
- GM TO RECALL MORE THAN 1.3 MILLION VEHICLES IN THE U.S.
- GM EXPECTS TO TAKE A CHARGE OF UP TO APPROXIMATELY $750M
- GM CHARGE INCLUDES PREVIOUSLY DISCLOSED $300M CHARGE
And the punchline:
- GM SAYS VEHICLES MAY EXPERIENCE SUDDEN LOSS OF POWER STEERING
Alas, as a result, hedge fund hotels may experience sudden loss of P&L, because as we reported previously GM just happens to be the most widely held hedge fund stock in the US currently, with some 194 brand name hedge fund holders according to Goldman Sachs, more than even Apple.
So what happens when the hedge fund hotel decides to exit only to realize that the name of the hotel is California? The answer will present itself quite soon.