Comments on: GM: Don’t Buy and Say Goodbye

By: yankinwaoz

yankinwaoz — Thu, 02 Jul 2009 14:38:57 +0000

Could their be some retirement/investment funds on autopilot that still buy GM shares with every paycheck? After all, it is still listed on the exchange. Unless someone remembers to go actually disable that investment option, then every paycheck I am sure there are a group of people who get GM shares purchased on their behalf.

By: Greg Locock

Greg Locock — Thu, 02 Jul 2009 11:20:19 +0000

I heard p71 is buying big.

By: obbop

obbop — Thu, 02 Jul 2009 05:29:19 +0000

Did Billy Mays shout “Buy it”?

By: Countryboy

Countryboy — Thu, 02 Jul 2009 02:41:24 +0000

A real outrage and substory associated with this is the fact that this stock is even stil listed on the NYSE. I read a story a while back that GM, AIG, etc stocks still generate big trading fees for the masters of the universe, and so they allow them to linger.

Were this company to be listed in Britain, or many other civilized exchanges, it would have been rightly delisted the second they filed C11.
Fact is, it should have been delisted from NYSE long before C11, and put in penny stock / over the counter territory.

And to my understanding, they stopped issuing paper “framable” stock certificates many years ago, as it is all electronically registered.

By: Jeff Puthuff

Jeff Puthuff — Wed, 01 Jul 2009 23:56:18 +0000

You’ll occasionally find some nuggets from the poorly-informed Old GM shareholders in the Y! Finance message boards—here is GMGMQ’s. My favorites are the “When will they reverse split this stock?” and “I just bought X amount of shares! I double my money at $2!” comments.

Alas, I can barely tolerate skimming through a few pages at a time (horrible grammar and spelling). Idiocracy is here.

By: johnny ro

johnny ro — Wed, 01 Jul 2009 23:37:56 +0000

Day traders.

Buy at $1.00. Sell at$1.20. Repeat.

Nobody paying attention thinks it actually worth anything.

By: ZoomZoom

ZoomZoom — Wed, 01 Jul 2009 21:01:03 +0000

50merc :

Well, there’s one other reason to buy a share of old GM stock: to get a handsome certificate, suitable for framing as a conversation piece, or to peddle at swap meets or garage sales.

Or ebay; my thought exactly. A cheap conversation piece; but don’t put the share in street name. And don’t be tempted to use it in the bathroom or to wrap fish; newspaper and toilet paper is still cheaper. Well, a little bit…

By: cleek

cleek — Wed, 01 Jul 2009 20:09:15 +0000

what toxicroach said.

I predict there will be a near endless parade of litigation filed to harass the government regarding the “process” used to gain control of GM.

By: educatordan

educatordan — Wed, 01 Jul 2009 19:43:08 +0000

We’re bankrupt, please stop buying our stock. Perhaps that’s what Obama needs to get on TV and say about GM. Maybe that would stop the insanity.

By: 50merc

50merc — Wed, 01 Jul 2009 19:14:47 +0000

Well, there’s one other reason to buy a share of old GM stock: to get a handsome certificate, suitable for framing as a conversation piece, or to peddle at swap meets or garage sales.

By: toxicroach

toxicroach — Wed, 01 Jul 2009 18:35:37 +0000

Leaving aside the ignorant, possibly the only people who would be interested would be people looking to start some securities litigation or cover shorts.

But yeah, they will keep saying it so no one can claim that GM hinted that they should buy this worthless stock.

By: ttacfan

ttacfan — Wed, 01 Jul 2009 18:27:58 +0000

Since the bancruptcy filing day +1 I assumed any such purchases were done by the traders covering shorts. I bet they made tons of money shorting GM stock and I wouldn’t worry about them spending in excess of $1 per share.

By: cwallace

cwallace — Wed, 01 Jul 2009 18:10:03 +0000

I’m sure their guilty conscience caused them to make that statement… probably the primary GMGMQ buyers are old folks who remember the Good Old Days of American manufacturing, and think they’re helping out their fellow Americans by buying. I’m going blue in the face trying to tell my grandfather that this stock isn’t coming back, and that he needs to stay well away from it.

By: Justin Berkowitz

Justin Berkowitz — Wed, 01 Jul 2009 18:08:10 +0000

This is the second such message in the last 3 weeks from GM. I have to wonder if there is some kind of legal reason they keep issues these comments (if not an obligation, then as a part of a CYA strategy).

By: John Horner

John Horner — Wed, 01 Jul 2009 18:04:05 +0000

I’ve been wondering for many months now what fools are buying GM stock.

By: superbadd75

superbadd75 — Wed, 01 Jul 2009 18:01:46 +0000

I’ve been wondering about those prices. Why would anyone be trading that garbage right now?