(don't ya just hate the term "investment thesis"?)
The company was insolvent back in November. The only question was political.
The "Auto Team..." post was just shorthand for which way the wind was blowing.
Originally posted February 23, 2009:
Short GM to Zero: Obama Auto Team Drives Imports
The stock was recently $1.86 up nine cents.
From the Detroit News:The vehicles owned by the Obama administration's auto team could reflect one reason why Detroit's Big Three automakers are in trouble: The list includes few new American cars.
Among the eight members named Friday to the Presidential Task Force on the Auto Industry and the 10 senior policy aides who will assist them in their work, two own American models. Add the Treasury Department's special adviser to the task force and the total jumps to three....MORE
Since that date the Dow Jones Industrial Average, of which GM is a component, is up 1263.61 points or 15% while GM is down 35.48%. It is going to zero.