GM Going Public a Success Story?

[Geee]

American Thinker:

Last week, GM sold stock in a public offering. At the same time, President Obama announced that the tough decisions made during his administration were beginning to pay off. He also indicated that the "American taxpayers are now positioned to recover more than my administration invested in GM, and that's a good thing."

I do not know where to be amazed or appalled.

First, contrary to popular administration folklore, GM did not survive bankruptcy. The name did, but that is all that happened. A new company acquired the name and assets of GM and is now the company being called GM. I wonder if the GM commercials tracing its history back to the older GM without a disclaimer is being honest with those of us who own it -- the American taxpayers.

Additionally, GM's profit of $2 billion in this most recent quarter is a little puzzling. The difficulties involving the financials for a large company are well-known, but the disclosure statement by the company about its internal controls concerns me. I am more puzzled about the $2 billion in profit in light of the following disclosure (Page 166) from the GM 3rd-quarter 2010 SEC filing:
We have determined that our disclosure controls and procedures and our internal control over financial reporting are currently not effective. The lack of effective internal controls could materially adversely affect our financial condition and ability to carry out our business plan.