GM Stockholder Pages Karl Marx

Twitter pal @vigorousnorth forwards this dose of outrage, from a professed GM stockholder blogging at May Shrink or Fade.

At issue: GM's plan to (as Reuters put it) "wipe out current shareholders" by issuing 60 billion new shares to pay back the U.S. government, bondholders and the United Auto Workers Union. From the blogger:

For me, this will likely mean losing several thousand dollars. I currently own about 0.0004 % of GM; after, I will own 0.000004%.

Karl Marx said the revolution will be recognizable when the people— or more specifically, the proletariat— come to own the means of production. I can't think of any more obvious example than the UAW owning a third of GM. And taking my share in the company away seems not much different from the proletariat breaking down the door to my bourgeoisie house and hauling off my jewels for communal ownership. I guess it's slightly better than taking the current shareholders via ox-cart to the guillotine; but if I had all my money invested in GM, it would be about the financial equivalent of execution.

I've got an e-mail in to the author.



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