The hilarity ensues when GM, recipient of bailout funds reportedly being used to keep it out of bankruptcy, is now poised to trip through the door of the bankruptcy court. Oops.

This is exactly why the government should not be bailing anyone out. And now auditors are telling us what the business community has known for quite a few months now: GM’s cash burn rate is extremely high. GM should have went into bankruptcy months ago and bailout funds have done little to change the short-term prognosis of the company. So tax payers paid a huge chunk of change to push back bankruptcy by a few months. It’s funny. Hilarious.