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Has GM Set Nov. 17th As Date For IPO?

Former “Car Czar” leaks plan.

by on Oct.25, 2010

Former auto czar Steve Rattner's settlement of a pay-to-play scandal is on hold.

The timing of General Motors Corp.’s initial public offering of stock has been a closely guarded, if eagerly-anticipated, secret.

But while GM officials have adamantly refused to discuss the time line for the IPO, former U.S. “auto czar” Steven Rattner may have given it away during an interview on the PBS interview program, the Charlie Rose Show.

While talking about his new book, “Overhaul,” Rattner told the host that the IPO was scheduled for November 17. So far, no one has come forward to support Rattner’s assertion but it appears to fit with the time line GM has established. GM’s current management is eager to shed the “Government Motors” tag as quickly as possible.

The Detroit Economic Club has withdrawn the invitation it had extended to former auto czar Rattner, who was previously scheduled to appear before the business group at a meeting in downtown Detroit next week.  But DEC President, Beth Chappel, has canceled the invitation, DEC officials confirmed Tuesday.

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“I am very sorry to inform you that we must cancel Mr. Rattner’s appearance at the Detroit Economic Club next Tuesday, October 26th.” Chappel said in an e-mail to DEC members. “We do not believe it is appropriate to proceed with this meeting, given the recent settlement between Mr. Rattner and the U.S. Securities and Exchange Commission,” Chappel said.

The DEC is one of the most prestigious public speaking venues for presidents, foreign leaders, leading American politicians and top business executives over the years.