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Special Coverage GM: Taxpayers Getting Rooked?

Despite a successful pricing, some investors believe taxpayers got rooked by the GM IPO!

Stifel Financial CEO Ron Kruszewski tells the desk he’s concerned about the way it was handled and the overall fairness.

”US taxpayers put $50 billion into GM and every US investor should have had an opportunity to participate in the IPO,” he says.

According to Kruszewski, they did not. He says the IPO was not made available to his firm as well as Raymond James, Janney and many other brokerages that have large retail bases.

He's talking the average Joe and Jane.

"I can tell you (our firm as well as others) were not allowed to put in one indication of interest." He feels quite strongly the way the GM IPO was handled presents what he calls "a fundamental issue of fairness."

Kruszewski has quite a bit to say on the issue. It's a conversation no investor should miss. Watch the video now!




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Trader disclosure: On November 17, 2010, the day this video was recorded, following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Finerman owns (AAPL); Finerman’s firm owns (GM); Finerman owns (DYN); Finerman's Firm Is Short (IWM); Finerman's Firm Is Short (SPY); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (IJR); Finerman's Firm Is Long Russell Puts; Finerman's Firm Is Long S&P Puts; Jon Najarian owns (DRYS); Jon Najarian owns (FSLR) put spread; Jon Najarian owns (LMD) calls; Jon Najarian owns (FIRE) calls; Grasso owns (ASTM), (BA), (BAC), (BWC), (C), (CSCO), (JPM), (LPX), (MOT), (MHY), (NDAQ), (PFE), (PRST); Terranova owns (UPL), (C), (PEP), (VRTS), (OXY), (GS), (POT), (AAPL), (ORCL), (MCD), (NKE)

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Stuart Frankel & Co and it’s partners are short (QQQQ)
Stuart Frankel & Co and it’s partners are short (MCD)
Stuart Frankel & Co and it’s partners are short (AAPL)

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Terranova is chief market strategist of Virtus Investment Partners, LTD.
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