No one is happy with taxpayer ownership of GM.
General Motors Company is due to release Q2 results tomorrow morning that some analysts predict will be a significant improvement on its Q1 performance.
Some of the speculation was prompted by GM CEO Ed Whitacre, who recently said that the privately held company would post impressive results in Q2, implying it would far surpass a profit of $865 million in Q1.
A blowout quarter is the next step in building a story for potential buyers of new GM stock when the reorganized company goes public, a goal that all senior executives are focused on, with considerable pressure from the Obama Administration. Facing increasing Republican criticism of government spending, the Administration wants to put the politically unpopular taxpayer funded auto bailouts behind it before the midterm Congressional elections this fall.
Government Motors, as GM is derisively known in conservative circles, is also a huge marketing negative for a company that has been losing share for decades.
An IPO will require an Securities and Exchange Commission filing that could come as soon as Friday, says Joe Phillippi of the AutoTrends consultancy.