If you had any doubt about the possibility of a General Motors bankruptcy, this should pretty much seal the deal for you. Six top GM executives have liquidated their holdings in an effort to get while the getting is, well, awful. So what did Bob Lutz get for his shares?
For Bob’s 81,360 shares he pocketed a measly $130,989. GM North America President Troy Clark pulled in roughly $31,000 from his 21,380 shares. Fun fact: if you do the math, Bobbo dumped first at a higher price. Other big name sellers include head of European operations Carl-Peter Forster, manufacturing chief Gary Cowger, Chief Information Officer Ralph Szygenda and newly appointed Vice Chairman Thomas Stephens.
The stock has dropped another 22% today and GM will likely be removed from the Dow Jones Industrial Average. As for the remaining stockholders, what the hell are you doing?