GM is eager to sell stock to the public and shed the derogatory "Government Motors" label. Speaking before the Center of Automotive Research Management Briefing Seminars in Traverse City, GM Chairman and CEO Ed Whitacre said, "We’re tired of being called Government Motors." Rumors now abound that GM is so anxious to be independent that it is considering selling the entire government stake in the largest U.S. initial public offering ever before the November 2 election. Not so fast.

As the Treasury Department and General Motors strategize on how to best position the federal government’s 61% ownership in GM for sale in an initial public offering, the stakeholders and management face a series of critical decisions that will determine the long term viability of GM. Not to mention the important symbolic achievement of repaying the involuntary ultimate owners of GM – the U.S. taxpayers. However, none are more important than delivering a transparent process, defining an appropriate and limited role for the Treasury Department, and ensuring that the IPO investors make money. more