Tuesday, October 10, 2006

8: General Motors, Part 2

EVENT

From the New York Times:

Everyone in Detroit is waiting for the answer, after a tumultuous Friday in which Mr. Kerkorian’s close associate Jerome B. York stepped down from the General Motors board, firing off a letter sharply critical of the company’s management.

At the same time, Mr. Kerkorian said he was no longer interested in increasing his stake in G.M., where he is the largest shareholder, with about 9.9 percent.

The moves, to which G.M. responded with a defense of its turnaround strategy, sent the company’s shares sharply lower, deepening Mr. Kerkorian’s own losses on the investment he began acquiring nearly 18 months ago.

G.M. shares fell $2.08, or 6.2 percent, to $31.05. As a result, Mr. Kerkorian lost more than $100 million on his 56 million shares.


Way to go, asshole!

END OF POST.

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