New York (HedgeCo.net) – Stating that GM has not done a good job bringing returns to it’s investors, Harry J. Wilson, is vying for a seat on the GM board. At his back are four hedge funds investors who own roughly 2 percent of GM shares.

The former Goldman Sachs financier served on President Barack Obama’s auto industry crisis task force and lead a small group of people within the auto task force known internally as the “deals and diligence team”. As part of his responsibilities he oversaw the analytical research that underpinned the task force’s policy decisions. Wilson’s goal is to push the automaker to buy back $8 billion in company stock.

GM’s stock rose 4% on the news.

The company, which has come a long way since filing for Chapter 11 bankruptcy in 2008 and subsequent government bailout has been hit hard by over 80 recalls last year which covered tens of millions of vehicles. Much of 2014’s $2.8 billion drop in net income was blamed on these recalls, while the S&P 500 Index rose 12.2% in 2014, GM’s stock fell 12%.

Despite activist investor concerns of lack of returns in their investments, the general market seems to be satisfied with GM’s management. In a recent article on Fool.com titled “Is It Time to Buy General Motors Company Stock?” the author finishes with this statement. “It may be a bumpy ride over the next year or two — a big fine or litigation settlement related to the recalls could still come, and that might hurt — but as a longer-term investment, GM has a lot going for it.”

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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