GM Employee Stock Fund Dumps All Company Shares

Late last Friday, GM revealed in a regulatory filing with the Securities and Exchange Commission that its employee stock fund manager, State Street Bank and Trust Co., has unloaded all company shares. According to the Associated Press (AP), The plans financial manager said it began selling off shares of the Detroit automaker in late March due to the economic climate and the circumstances surrounding GMs business. This may help to explain the dead cat bounce GMs stock experienced today.

Now that hundreds of thousands of shares have been dumped on the market, downward pressure has easedat the close of Mondays trading, GM was up nearly 21% at $2.04.

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.  

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