White House: No Comment On General Motors Execs' Stock Sales
12 Mai 2009 - 8:17PM
Dow Jones News
The White House declined to comment on the decision by top
General Motors Corp. (GM) executives to sell their shares in the
struggling auto maker.
"I think it's probably better that I resist the temptation to
comment on individuals' stock holdings," White House spokesman
Robert Gibbs said Tuesday.
Late Monday, six GM executives reported the sale of all the
company stock they owned. The biggest seller was Vice Chairman Bob
Lutz, according to filings with the Securities and Exchange
Commission. He sold 81,360 shares for $130,990.
The news helped send GM shares to their lowest level since 1933
Tuesday as investors bet the company is likely to lose its fight to
stave off bankruptcy. Chief Executive Fritz Henderson said Monday
that a bankruptcy is "more probable."
The company faces a government-imposed June 1 deadline to reach
a pact with workers and creditors that keeps it out of bankruptcy
court.
Gibbs said President Barack Obama and his automotive task force
are still working for a deal that saves the company.
"The task force will continue to work with General Motors to get
a plan they believe puts it on a sustainable path," the spokesman
said. "The president and the task force want to ensure the
continuation of General Motors" in a way that doesn't involve
continued government aid.
The company's stock recently traded at $1.12, down 22%.
-By Henry J. Pulizzi, Dow Jones Newswires; 202-862-9256;
henry.pulizzi@dowjones.com