GM’s IPO: Another imaginary victory for taxpayers to celebrate

Success will mean temporarily setting aside the fact that the Treasury actually lost billions on the IPO as it “bought” GM stock at inflated prices. To break even on the freshly printed money taxpayers are “getting back” will probably mean GM needs to double in value over the next year to make us whole.

Do you feel whole? I do.

Don’t worry. Not only is GM equipped with an array of unmerited advantages over companies operating successfully in the marketplace — even without a blank check from taxpayers — the IPO was exempted from federal and state anti-fraud laws just to make sure things still weren’t exactly fair. (Then again, every GM success comes at the expense of someone else.)