Why is General Motors on the banned short list?

The SEC has revised its banned short list.  Why is GM on the new list when the ban is supposed to apply to financial firms?

GM has a total of $136 billion in assets and and $192 billion in liabilities.  That is a seriously negative net worth.   But on that balance sheet, they conveniently break out the financing arm (GMAC), which has $10 billion in assets and $3.6 billion in liabilities.  GMAC is the only piece of the company with a positive book value, and it is the only part that is still growing.  (Well, growing in the positive direction, anyway.)

General Motors ceased to be a car company a long time ago.  It is now a financial firm with a money-losing manufacturing operation and an underfunded HMO on the side.  So adding it to the no-short list makes perfect sense.

If you start with insane premises, you will arrive at insane conclusions, even if your reasoning is sound.

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