Barack Obama has been patting himself on the back now that General Motors has pulled off the largest public offering in history, slamming Republicans who were opposed to the bailout and manufacturing 2012 campaign fodder.

But read this, and you will be informed enough to see right through this success story.

So, let me make sure I understand. Someone invested in a company to use the entire proceeds plus $2 billion more to repay creditors and repay shareholders when the company’s need for cash is so great. The lack of logic is concerning. Perhaps a political motive to repay government funds trumped sound business judgment?

These red flags and perceptions of impropriety during the GM bankruptcy and emergence from bankruptcy are mind-boggling. If this company were not owned by the U. S. government, I am certain the SEC would begin an investigation of the company.

There is no doubt GM, at least in name, is still around because of the Obama administration’s efforts but there is also little doubt that GM would still be around today, albeit after going through a more traditional bankruptcy process.

The difference is, the taxpayer and the original shareholders wouldn’t have taken it up the tailpipe and Barack Obama wouldn’t have another campaign sound bite.

Moreover, the structure of the deal has left GM in a precarious position, forcing them to report what may be unsubstantiated profits while in contrast Ford Motor Company, having truly survived the Great Recession is accelerating under it’s own power and without taxpayer assistance.

Ford is investing in engineering, innovation and design to stay competitive, all of which require enormous amounts of capital. If GM can’t use the proceeds of their IPO to do the same they may soon find themselves slapping Cadillac badges on dressed up Chevy’s again while competitors from Japan, Germany and Korea drink their milkshake.

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 taxpayer.

GM’s profit of $2 billion in this most recent quarter is a little puzzling as well. I can imagine that the financial systems of a large company are difficult to control. But the disclosure statement by GM about its internal controls or lack thereof concerns me.

“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.”

…but other than that, it’s all good [raises thumb].

Our economy may not be heading for a double dip but GM may very well be and not despite the government’s effort…because of it.