GM's IPO

I think it's totally ridiculous that GM's IPO is priced that high.  I believe a lot of retail investors will loose money in the next 6 months while chasing the hype that investment bankers are creating in order to justify their fees.  The reasons?

1. GM's audit reporting says it does not conform to accounting standards.  So its earnings can be made up to create the hype.
2. GM is raising the money to repay its debts to the government and its noisy union, and not to better itself.  I question whether they can be competitive without investing the bulk of the money raise in technology.

So, we'll see in 6 months whether this battered company will create another mess for Americans.