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GM employee stock fund dumps all company shares

chefdennis

chefdennis

Veteran Expediter
ROTFLMAO!!:D They are broke. they are begging the Fed gov to bail them out with Taxpayer dollars, and their own employee stick fund is dumping and selling off all of their holdings in the company stock........makes me want to run out and invest in them....lol! :D


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http://www.google.com/hostednews/ap/...Y_tFQD97PJ6JG0


GM employee stock fund dumps all company shares




WASHINGTON (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.

The selloff underscores the grim outlook for GM, which plans to shut down more than a dozen plants over the summer to conserve cash, slash costs and align production levels with demand. The company is racing against the federal government's June 1 deadline to squeeze larger concessions from bondholders and the United Auto Workers union.


The cost-cutting efforts are expected to lead to thousands more layoffs and temporary factory closures.
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Turtle

Turtle

Administrator
Staff member
Retired Expediter
I don't understand why it's so ROTFLMAO funny, tho. Unless or until GM rights the ship, short term cash accounts make far more sense than the risker company stock which could yield zero in certain circumstances.
 
chefdennis

chefdennis

Veteran Expediter
Turtle wrote:

I don't understand why it's so ROTFLMAO funny, tho. Unless or until GM rights the ship, short term cash accounts make far more sense than the risker company stock which could yield zero in certain circumstances.
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You are right, getting out of a loser is always a good thing to do, but the funny part is that while the stock fund is busy dumping the stock, the gov and GM is trying to get the 'bindholder and debt holders to take approx $.38 on the dollar for the debt they hold, and the take stock in GM instead of actually taking the cash.........Now that is funny stuff right there...as with the chysler debt holders, they would be alot better off forcing a GM BK by not taking anything that is offered....they should just let GM fold like a cheap paper bag.

Now the it has been annocnced that the Fed Gov will be holding over 50% of all GM stock, and with the Gov calling the shoots for the "green" products that barry wants, when no 1 buys them in numbers large enough to support the company, GM will foldup anyhow...5-7 yrs maybe...........
 
RLENT

RLENT

Veteran Expediter
Turtle said:
I don't understand why it's so ROTFLMAO funny, tho.
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Really .... are you serious ?

The reason why it's so ROTFLMAOAPIMP funny is because it shows how utterly stupid both the company management and the workers are (assuming both had some hand in the decision) - because no one who was apparently involved in the situation has even a basic, fundemental understanding of:

Public Relations

It is an complete PR nightmare - simply because it communicates (or appears to) in very stark terms that the folks that work there have absolutely no confidence in their own endeavors whatsoever .....

..... now ..... why is it, exactly, that I would want to buy one of their products ?

Get it now ? :D

You couldn't possibly dream up something more stupid in terms of a PR bungle .....

Unless maybe it was going to Washington to ask for billions of dollars to be bailed out with ..... on your corporate jet ......
 
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Turtle

Turtle

Administrator
Staff member
Retired Expediter
RLENT said:
Really .... are you serious ?
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Yes, I'm serious. I've never seen anyone get such joy out of someone else's misfortune as our friend here does. It's like he's rooting for them to go bankrupt. WIth each piece of bad news out of Detroit he gets happier and happier. It's sad. And it's not ROTFLMAO funny.

As for the employee stock fund, it's a mutual fund that has to be properly maintained and administered, public relations notwithstanding.
 
chefdennis

chefdennis

Veteran Expediter
You bet I am hoping thet fail!! They should have been left to fail from the very beginning or simply provided government LOANS without the government controls...we have business practices that "should" have been followed and weren't and the same thing is going on with this "planned" BK...the gov is saving the Unions and killing the investors, which is completely azz backwards to how the system in place works....

If i were any of the bondholder, I only works that either GM or the FED give would here we to "screw off..."

No 1wants to see the retires take the hit, but its the way it is...they choose, it wasn't mandated that they invest in the Pension program...it was an investment, nothing more, well in the good times, it was good, its not so good anymore...As for the bondholders, they have ways of recovery if the gov stays the hell out of the business and lets the "legal" system do its job....

And if you think that this bailout is going to fix the auto industry, not a chance, in 5-7 yrs if that long, GM will be another failed government interst that the taxpayers will still be supporting even as the Fed Gov owns over 80% of its stock.....and has controling interest by the # of seats it controls on the DoD's and make the decision for the company and runs it into the ground and it eventually fails anyhow, as it should have been left to do all on its own...

All the Fed Gov has done is made a "show" of this and everything GM has done has been to appease the government so that they can continue to get the bailout money......


no one is buying cars, 12% give or take of american is not working and GM will be forced to built the gov's "green" cars that most people don't want......

Yea, I hope that are pushed into BK, they should have been left to do that very thing from the beginning....Die fast and reorganize and comeback, die slow in the pocket of the gov and fail in the end after trillions in wasted taxpayer dollars.......
 
chefdennis

chefdennis

Veteran Expediter
I have a friend that lives in the Woodlands, a northern burb of houston, she is a great Personal Chef, so dinner would be very good!! So... a great free homemade gourmet meal, i bit further north and if i am lucky a load, but who knows.......I might just sit here till i get a load....I have been telling myself it is about time that i just stayed put for once and see just how long it can take to get loaded...maybe then i could appreciate those that have said they sat in the same spot for 9 days and didn't move...........nahhhhhh:D
 
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