GM Employee Stock Fund Dumps All Company Shares
April 26th, 2009Via: AP:
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.
State Street said the General Motors Savings Plan now consists entirely of short-term, cash-based investments. By the end of May, the GM Common Stock Fund will be eliminated as an option for company employees, the investment manager said.
