Last week we noted that the Chevrolet Volt, GM's entry in the electric car sweepstakes, is an unrevolutionary revolutionary vehicle. The same might be said of GM's initial public offering — it's a big deal, but it doesn't change some fundamental aspects about the car industry, the company, and the bailouts. Let's consider the impact on several stakeholders: U.S. Taxpayers: The government put $49.5 billion into GM in 2008 and 2009. Before the IPO, GM had paid back (or committed to pay back) $9.5 billion. The government sold about 412 million shares in the offering worth $13.6 billion, bringing the...