"GM is sick and three years from a clear bill of health !" - Obama responding with smoke and mirrors.

(Reuters) - The U.S. government is likely to take a loss on General Motors Co in the first offering of the automaker's stock, six people familiar with preparations for the landmark IPO said. Subsequent offerings of the government's holdings may be profitable depending on how investors trade the newly listed stock, the sources said. But the question of whether taxpayers are ultimately made whole on GM's $50 billion bailout could be left open for years, the people said. It could take more than three years for the Treasury to sell down its remaining stake in GM after the IPO, one person said. That would push a final accounting into the next presidential term. . . . . . . . >>>

Editor's notes: as much as Obama misquotes the facts, in the end reality reins supreme. Many of us know that the Administration slipped GM the 6.6 billion it needed to "pay off its debt to the government 5 years early." Now we learn that the companies IPO is problematic. The "initial public offering" is usually something done by a new company. In this case, GM went bankrupt, making the IPO a part of its restructuring stategy. The IPO names the elements in its stock-for-sale offering. One of the problems, in this case, is the $15.5 billion in stock losses for GM in the first quarter of this year. The fact is this: GM is sick and Obama is using smoke and mirrors to cover up this fact. Who knows, the mask may come off this situation altogether, before the midterms . . . . nothing else has gone right for the Administration.