GM an epic failure

Well either it’s me who’s not getting it or something is really weird. So let’s put some figures in here.
The IPO has reached around 24 Billion (sorry have not found better figures)
the government has spend 50 Billions on GM before and
around 100 Billion were “outsourced” to a bad GM “bank”.

Now if we assume the figures about the earnings are right, than we are talking about 3.5 Billion earnings.

Now let’s calculate
100 + 50 = 150
150 – 24(* 0.61) = 126 Billion losses left for the tax payer.

Let us assume GM would pay back 2.5 Billions each year than it would just take around 40 years to pay back
all the money from the government …

I can not see how this can be seen as a big success for the tax payers. So if anyone has another explanation, or can point out my miscalculations.

Please do so. Otherwise I’ve to conclude, the government is even a worse market player than one ever could imagine. I can just see one winner in here, the management of GM, I guess they will earn a few millions this year because of such a “successful” year.

Maybe it’s not just me. Just read the comments at:
http://finance.yahoo.com/news/First-day-trading-of-GM-apf-2339978096.html?x=0&sec=topStories&pos=5&asset=&ccode=#mwpphu-container

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