Even I’m surprised that they actually did it:

General Motors completed a major step in its turnaround on Friday and closed the sale of its good assets to a new, government-backed carmaker, at a speed unimagined by auto and bankruptcy experts even six months ago.

The government and G.M. signed the documents at 6:30 a.m. at the offices of Weil, Gotshal & Manges, the company’s chief bankruptcy counsel, according to a person briefed on the matter, after a bankruptcy court order staying the sale for four days expired on Thursday. G.M. will hold a news conference in Detroit, hosted by its chief executive, Fritz Henderson, and its new chairman, Edward E. Whitacre Jr., later Friday morning.

The administration initially said the reorganization might take as long as 90 days. They did it in 40. A win for Obama. They say now that they hope to take the new G.M. public again next year. Are we betting they will make that?

Photo: The 2010 Camaro SS, “The Camaro’s arrival completes a baby boomer trinity of so-called pony cars, following the return of the retro-styled Ford Mustang and Dodge Challenger.”