REPORT: Execs including Bob Lutz, Troy Clarke dump GM stock
As the June 1 deadline for a workable restructuring plan or bankruptcy filing looms, the suits grabbed what may be their last chance to get rid of their holdings. Departing Vice Chairman Lutz took in $130,989.60 from the sale of his 81,360 shares. GM North America President Troy Clarke sold 21,380 shares for a return of $31,001 – not exactly a ringing vote of confidence in the automaker, but you'd expect so many thousands of shares would bring more money. Ouch.
CEO Fritz Henderson keeps intimating that bankruptcy is where General Motors is headed, and the stock has taken a 90+ percent beating this past year, making all financial activities look like preparation for a bankruptcy filing. Or just an example of rearranging deck chairs on the Titanic. Thanks for the tips, everyone.
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