Tagged: economy

Chris Knape has a piece in the Grand Rapids Press about hedge fund manager and bar owner, Mark Sellers.

Sellers moved back to Grand Rapids around three years ago where he owns the bars Hopcat, Stella’s Lounge and Viceroy.

By Michael Puente, Changing Gears

All this week, Changing Gears has been looking at reinventing Pittsburgh. We recently heard how Detroit has borrowed some of its ideas. In its final report, they head to Gary to see if this smaller Steel Town can learn from its industrial mother, Pittsburgh. They found old habits are hard to break.

All week we’ve been looking at the reinvention of Pittsburgh. Now, we move west to see whether the ideas that worked there can work in other places. One such city is Detroit.

Like Pittsburgh, Detroit has always faced a challenge in convincing its talented citizens to stay. Many business owners try to buck the odds and keep their businesses in the city, only to find the hurdles too high. Others find it is simply too daunting to head out on their own.

Update: 5:10pm

The New York Stock Exchanged closed.  AFP News reports "GM stocks closed at 34.19 dollars, up 3.6 percent from GM's initial sale price announced on Wednesday, but below session highs of 35.60 dollars a share."

Update: 3:00pm

The Detroit News reports the GM executives who attended the opening day for GM stock on the New York Stock Exchange bought hundreds of shares in the company themselves.

GM North American chief Mark Reuss called it an emotional day, saying he was proud to work for GM and thanking taxpayers for giving GM "a second chance."

The News reports the GM execs will head back to Detroit "after today's events in order to attend a private employee celebration at the company's Renaissance Center headquarters."

Update: 11:04pm

GM  executives rang the bell and played a recording of a Chevy Camaro revving its engine to open trading at the New York Stock Exchange this morning. As of this writing, the stock, bought during the IPO at $33 per share, has jumped to $35 per share in trading. Here's how it's tracking next to Ford's stock (F): 

The Center for Automotive Research released a report today that analyzed the government bailouts of General Motors and Chrysler.

$80 billion was given to the auto companies. To date $13.4 billion has been repaid.

Tomorrow the GM "initial public offering" is expected to raise another $22 billion.

The reports authors say that even if the government doesn't get all of the $80 billion back, the government's investment will still have been worth it.

The report concludes:

The Wall Street Journal is reporting that GM's IPO tomorrow could be a biggy:

General Motors Co. said Wednesday that it will increase the size of its initial public offering by about 30% to 478 million shares, which could make it the largest global IPO in history.