David Kirkpatrick

April 27, 2009

GM employee stock fund dumps GM stock

Filed under: Business — Tags: , , , — David Kirkpatrick @ 3:11 pm

GM is officially swirling the drain at this point.

From the link:

The manager of General Motors’ employee stock fund has sold off all remaining shares of the troubled auto maker, which is closing plants and slashing costs in a bid to avoid bankruptcy.

General Motors revealed in a regulatory filing late Friday that its employee stock-purchase plan has unloaded all shares of the company in favor of short-term and money market investments. The plan’s financial manager, State Street Bank and Trust Co., said it began selling off shares of the Detroit automaker in late March “due to the economic climate and the circumstances surrounding GM’s business.” GM disclosed the development in a filing with the Securities and Exchange Commission.

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