You don't have that kind of longevity by being completely incompetent.
Indeed. But that doesn't mean you must be competent in your market. GM has merely been very competent at marshaling the political power necessary to protect itself from the market.
It's a government operation now, regardless of whether or not the Treasury actually holds shares or loans any longer, because all pretense that GM is subject to the consequences of its failures is gone; the government will be there to keep it all propped up whatever happens. Another GSE just like fannie and freddy.
So effectively you now have government undermining the government; an quasi-government GSE investing in an un-taxi outfit, displacing government granted monopoly taxi systems.
And, naturally, when the gears finally strip and this half-billion vanishes into money heaven by whatever inevitable disaster is bound to befall it, you can come back here and watch one anti-business malcontent after another attribute all of this incestuous bullshit to "capitalism".