Six GM Bailout Grabbing Executives Sell 200,000+ Shares of GM Stock Concurrently

In addition to soaking American taxpayers for decades to come by happily dipping their greedy beaks into the billions of dollars in Bailout money handed to them,  six  GM executives just happened to sell a whole sh*tload of their shares before the stock took another dive. In most quarters, this would  be called Insider Trading. At GM Corporate Headquarters, though, it was probably just a regular day for the rarefied-air crowd.

DETROIT (AP) — Six General Motors Corp. executives recently sold more than 200,000 shares of the automaker as GM moves toward issuing new equity to give large stakes to the U.S. government and a United Auto Workers retiree health care trust fund.

Four group vice presidents and two vice chairmen sold nearly 205,000 shares Friday and Monday at prices ranging from $1.45 to $1.61 per share. GM shares closed Monday down 17 cents at $1.44.

Spokeswoman Julie Gibson says the sales don’t show a lack of faith in the company. She says GM has disclosed publicly that shareholders run the risk of significant dilution or possibly losing their investments in a potential bankruptcy filing.

“They’re not operating with any knowledge that other people don’t have,” she said. The executives had a short window of Friday through Tuesday to sell the shares, she added.

Right. This is all on the up and up. And the knife ran away with the spoon.

So, while Americans are expected to believe in GM to the  tune of hundreds of billions of dollars in bailout bucks and “loans,” these six GM executive pigs at the trough are busy grabbing what they can before the company they helped  “manage”  completely tanks.

These six corporate  “managers” are at just the right level in the GM bloated hierarchy to have helped the company die on the vine.  So as a  punishment  for their lousy management skills, they all coincidentally got to cash in a boatload of shares at just the right moment.  They obviously have no faith in the company they are supposed to be running, which speaks volumes about their assessment of their own competence. Talk  about Know Thyself.  How many things can you find wrong with this picture?

Furthermore, an Attorney General needs to pay these pigs in a poke a visit to find out what it is they all learned at the same moment on the golf course.

Their names are:

–Vice Chairman Bob Lutz, who disposed of 81,360 shares at $1.61 each for a total of $130,990.

–Vice Chairman Thomas Stephens

— Group Vice Presidents Carl-Peter Forster, Ralph Szygenda, Gary Cowger and Troy Clarke sold smaller amounts.