GM stands for Government Mendacity

In the following Reuters article GM describes its current financial performance:

http://www.reuters.com/article/businessNews/idUSTRE5AF0SO20091116?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28News+%2F+US+%2F+Business+News%29&utm_content=Google+Feedfetcher&pageNumber=1&virtualBrandChannel=0

Note the following paragraphs in this article:

• General Motors Co posted a quarterly loss on Monday but said stabilizing sales since its bankruptcy would allow it to begin paying down $8.1 billion in debt to the United States and Canada next month.
  
• Bolstered by its bailout, GM ended September with almost $43 billion in cash compared with $14 billion a year earlier.
  
• That included $17.4 billion in a special account created with bankruptcy financing provided by the U.S. government. GM said it had allocated $8.1 billion from that taxpayer-funded account to pay down its government debt.

Yes, you read that correctly. GM is bragging about its ability to pay back Federal Government loans using “debtor in possession” funds obtained from the Federal Government during its bankruptcy. Take the Federal Government’s money from your right pocket to pay off the Federal Government debt in your left pocket. This is truly hilarious; unfortunately America the joke is on us.