ED WHITACRE, a former head of AT&T who took over the reins at General Motors last December and who yesterday announced his own imminent departure, deserves a small round of applause for what he has achieved. Just over a year ago, GM was taking its first faltering steps on the road to recovery, as it emerged from its government-orchestrated “quick-rinse” bankruptcy. But despite shedding debt, dropping several brands, shrinking its bloated dealer network, cutting jobs and securing concessions from those workers who remained, there were still plenty of sceptics. Could a company that had lost $88 billion in the four years to 2009, had only been kept afloat with $60 billion from American and Canadian taxpayers and which had become known as “Government Motors” really shuffle off its culture of failure so easily? However, after reporting net earnings of $1.3 billion for the three months to the end of June yesterday—the carmaker’s second profitable quarter in a row and its best since 2004—the evidence that “New GM”, as it likes to call itself, is a different business is mounting. So much so that later today or early next week, the company is expected to file an S-1 registration document with the Securities and Exchange Commission, paving the way for an initial public offering before the end of the year. Read more at www.economist.com