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Mindful of costs, wary Michigan cheers GM IPO
Mindful of costs, wary Michigan cheers GM IPO
Listen to this articleDETROIT — General Motors has returned to Wall Street to the cheers of traders and the loud growl of a Camaro’s engine.
There’s celebration in Michigan too. But those cheers are tinged with regret for what brought GM to this moment and worry for what lies ahead.
Michigan looked on in shock a little more than 18 months ago. That’s when GM filed for bankruptcy protection and was rescued with a $50 billion taxpayer infusion.
The company has emerged leaner and more profitable. Investors are enthused so far. GM’s shares began trading at $33 and closed at $34.19 Thursday.
But that success was achieved, in part, by closing four Michigan plants and laying off thousands of workers — adding to pain in a state with one of the nation’s highest unemployment rates.
