General Motors bosses dump shares

[The Sushi Bandit]

Source: Guardian

Six top executives at General Motors have sold their entire shareholdings in the stricken carmaker for a knockdown price of $315,000 as the Detroit-based company teeters on the brink of bankruptcy.

Among those cashing out are GM's former head of product development Bob Lutz, a veteran Detroit figure who stepped aside to become a senior adviser to the company last month and who offloaded his 81,360 shares for $130,989 (£86,000).



Read more: http://www.guardian.co.uk/business/2009/may/12/generalmotors-automotive-industry

[tabasco]

1. Are we all still supposed to run out and buy American cars??

To be patriotic and all??? :shrug:

[tomreedtoon]

6. The UAW guys say "Yes!"

If you don't buy cars you can't get repaired and can't get parts for, and that incidentally have iffy quality, you are backstabbing all union members everywhere.

And I'm sure the UAW guys are happy that their bosses have bailed out already.

[Igel]

9. "Their bosses"?

I suspect their actual bosses sold their shares of GM long ago or currently have their shares in blind trusts.

[JenGatherer]

2. Get a load of this

If you thought a safe retirement could be had in unsubordinated GM Bonds, prepare for the worst. You may also have older relatives moving in with you soon.

See this

http://market-ticker.org/archives/1033-Holding-GM-Debt-Gubbermint-Is-Robbing-You!.html

[sofa king]

4. Wow, that's frightening.

About twenty years ago, a certain someone whom I honored on Sunday was giving me the usual pep-talk about how my life would be worthless unless I got a steady job with a pension and a retirement plan.

Impetuously, I told her she'd better worry about her own retirement, as she at least had a chance to get hers before it would be stolen, whereas I did not.

Looks like the ants and the grasshoppers are all going into winter with the same nonexistent stockpile. Glad I took lots of naps.

[2Design]

3. Report on DU here too

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=114&topic_id=64579&mesg_id=64579

[bemildred]

5. What is good for GM is good for America. nt

[ohio2007]

7. tax write off

[JVS]

8. And what about the UAW, has it sold its shares yet?

I smell a screwing going on.