Free Republic

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...