Reasons to sit out GM's initial stock offering

DETROIT

But the world's most charming used car salesman couldn't cover up major concerns hanging over GM's initial public offering on Thursday.

In regulatory filings, GM admits it doesn't have great control over its finances.

And the IPO process will be more like a drawn-out divorce between GM and taxpayers who bailed out the company during the financial crisis. It will take more stock offerings before the government is out of the car business. That means political priorities may trump shareholder demands.

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