That's Kuwait Investment Authority
More (Motley) Foolishness:
Get Rich From the General Motors IPO
Mock GM as "Government Motors" to your heart's content, Fools. (I sure do.) But be aware: This IPO just might be the best investment you ever make -- not in spite of the company's government ties, but because of them.
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Here's how it works: When the feds bailed out GM -- and Bank of America (NYSE: BAC), Citigroup (NYSE: C), JPMorgan Chase (NYSE: JPM), and the other great failures of our time -- as part of the TARP program, they inserted a clause in their agreements helping to ensure that the bailouts would turn a "profit" once the companies were revived. It all has to do with the concept of tax-loss carry-forwards -- credits against losses that the companies had accumulated during the bad years. In its infinite mercy, the IRS agreed that even after emerging from bankruptcy, GM would not lose the right to invoke past losses to offset taxes on future profits it might make. In essence, the IRS gave GM a free pass to earn $45.4 billion worth of profits -- and not pay a dime on any of it.
Nov. 19 - is this the Cornie dream investment?
