It’s amazing how well your company can do, and how much profit you can make when the government pumps millions of dollars into your books.

GMAC Financial Services said Tuesday it swung to a fourth-quarter profit as proceeds from a debt swap more than offset billions of dollars in losses at its auto-financing and mortgage businesses.

The financing arm for General Motors Corp., which provides financing for GM customers and dealers as well as home mortgage loans, also said its financial condition has improved since the government approved its application to become a bank holding company last month.

I wonder if my creditors will allow me to perform a debt swap. I don’t want it anymore, so I’ll just swap it with someone. Heck, maybe everyone. You all wouldn’t mind adding a couple cents to your already mounting bills from the bailout, would you?

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