The big accounts are making equally outsized bets on General Motors and its increasingly globalized market opportunity its business represents. As Leon Cooperman of Omega Advisors -- a legend in the hedge fund world for the last two decades, and the chairman of Goldman Sachs Asset Management before that -- notes, GM ( quote ) should have "an enormous amount of excess cash" in the foreseeable future. When that happens, he can envision a consortium of three or four hedge funds teaming up with the government to take the company private again. In that event, it is possible that Omega could be among that group of hedge funds looking for a piece of GM as a private equity proposition. Cooperman already owns $99 million in GM stock, which makes Omega a significant institutional shareholder -- even though its holdings are dwarfed by the $300 million to $1.4 billion stakes held by the biggest mutual fund complexes like T. Rowe Price, Fidelity and Vanguard. Meanwhile, the Treasury looks unwilling to unload any of its 32% stake in GM, which is currently worth around $16 billion, any time soon. Sources say August at the earliest. That gives the Cooperman scenario all summer to play out. Insiders are also hungry for GM. CEO Daniel Akerson just disclosed that he bought another 30,000 shares at market price yesterday. We have been fans of GM here for ages now. Good to see it get more respect.