America's 10 Highest-Paid CEOs of 2011 (and How They Earned It)
The Richest Woman in the World: How Gina Rinehart Earns her BillionsThe Financial Times writes that Russian billionaire Oleg Deripaska has bought just under 5% of GM (NYSE: GM). He owns Russia's biggest aluminum maker. The stake appears to have been bought late last year and is now worth $900 million.
Deripaska also controls Russian vehicle maker Gaz and has a large stake in Canadian car parts company Magna (NYSE: MGA).
After being up almost 25% this year, GM's stock is now only 9% on the plus side. Sales of the company's cars are falling sharply compared to last year. Investors in the largest car-marker are worried about ongoing negotiations with the UAW.
GM may have to put up $30 billion to move its health and pension liabilities to a fund run by the UAW. This fund, with contributions by Ford (NYSE: F) and Chrysler, would pay future health care costs for UAW members. But, it is hard to see where the Big Three will get the money to fund the project.
It would be tempting to think that GM's money might come from Russia.
Douglas A. McIntyre is a partner at 24/7 Wall St.
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