NEW YORK (TheStreet) -- Debra Borchardt: Well, we can't call them "government motors" anymore can we? So Jim, they're buying back a lot of stock from the Treasury. The Treasury also said whatever they got left that GM (GM) isn't buying, they're putting out on the market. They're getting out of the auto stock business, but it's at a big loss to the tax payer and not such a bad price for General Motors.
Jim Cramer: Well look, Tim Massad is in charge of the TARP disposal program, has done a remarkable job, a friend of mine from law school. He is trying to get the best prices. He did get GM to pay up. He had hoped to never break the price of the IPO, but there was the time to wrap up TARP, the wrapping up all the banks that are lost and they still have, and I think the way Tim looks at it, we interviewed him this morning for Squawk On The Street is basically look, you've got to take a look at a mosaic, we got a lot back. AIG (AIG) did well.
This one had to go to $70 to really break even. GM was the worst of these and I think a lot of people feel like, well they still didn't even clean up the labor situation. In GM the bond holders did horrendously and that that's unfair. I always felt that, that was unfair. My colleague Matt Horween writes for The Street, has pointed out endlessly to me that GM was one where labor did well and capital did badly and the government did badly. In the context of where the stock was, you know high teens, the government did well.
It played the market and it did better and then it got the last prices good and remember they're going to dribble it out and I think get that big chunk gone, the stock could go up ala what happened with Citigroup (C) and their dribbling. So GM seems to me, I was asked by Melissa Lee do I like it, and yes, it is behind in terms of its restructuring your Ford (F), a lot of people went on Toyota (TM) here, the auto stocks are very strong. I was talking with Stephanie about the parts makers, maybe they could be right - Johnson Controls (JCI) pre announced good number. So, I mean, it's kind of a feel good story. Yes, I wish the government had been able to offer more at the IPO price, be able to get out, but still effect is GM paid up and that's a win for everybody.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV