So the GM execs seem to be throwing in the towel and this is irking me a bit. Primarily because these guys are making a profit today, albeit a small one, and for what? For ultimately dooming the company they ran into the ground? This behavior must have been taught in one of those econ classes I skipped in undergrad.
Analysts called the behavior of the stock a bit of a “levitating magic trick” in it’s hovering around the $1.50 mark but I don’t see it as magic. The American people were not about to lose faith in the great American motorcar company while the executives were still fighting. There was some belief that there would be a marginal rebound, even if it came through restructuring. This belief was fueled by the fact that those in power were still vested in their company.
Today’s act of cowardice for the grand profit of $315,000 (collectively… for 200,000 shares) is proof that the company is and has been run by dismissive incompetence. My Google Finance gadget says the stock is at $1.11 right now. Who knows, by the end of the day they might just hit that magic $0.02 and they can all go home. Arghhh…
Here’s the whole story…
http://news.yahoo.com/s/nm/20090512/bs_nm/us_gm_shares
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