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peace out, pontiac

April 28, 2009

GM has announced that it plans on discontinuing the Pontiac brand. The news has me feeling a bit nostalgic. My first 3 cars were Pontiacs (T-1000, Grand Am, Firebird).

It has also announced a new deal that, if it goes through, would effectively give the U.S. government and the UAW health care trust 89% of GM stock, with the government receiving 50% and the UAW about 38%. The remaining shares would be split between the bondholders (10%) and the average shareholders (1%).

Although unlikely to go through, GM’s deal with the government and the UAW would be an interesting scenario to watch in terms of seeing how well a state/worker owned auto company would fare against privately owned companies in the same market.

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