General Motors, which hasn't been allowed to forget its recent financial propping up by all of us, is apparently still worth more than Ford Motor Company. That's a dubious fact that sticks in the craw of Detroit Free Press columnist Tom Walsh. Ford, you'll recall, preemptively mortgaged itself up to, and including its dental fillings to avoid the fate that befell GM and Chrysler. What's not computing for Walsh is that despite clearer financial leadership, Ford is still worth less according to the trading price of Motors Liquidation bonds, the entrails of old GM.

The whole thing is buried in a bunch of financial mumbo-jumbo, and the value of Motors Liquidation bonds are tied to bets on the success of a future initial public offering of the new GM. Sound excessively creative and possibly even irrationally exuberant? Despite having its most solid lineup in years and aggressively trimming brands, dealers, and liabilities, the General is clearly not out of the woods yet. Perhaps to market gamblers, GM is looking good right now, but there are plenty of hurdles to clear before its bailout is a true success.

In comparison, Ford is likely to post a profit this year, and GM will have to put up some good numbers for a few quarters to keep investors thinking that it's a worthwhile investment.

[Source: Detroit Free Press]