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November 25, 2008

GM Employees: "No GM Shares for You!”

I am in amused awe that GM’s 401(k) plan administrator will no longer let GM employees buy GM shares. It is almost too surreal for words.

Next up, I’m guessing, is that American Airlines employees won’t be allowed to fly on AA planes – too damn dangerous.

General Motors Corp., Detroit, was blocked by State Street Bank & Trust from allowing participants in the automaker’s two 401(k) plans to purchase GM common stock shares because of GM's financial difficulty, said Julie Gibson, GM spokeswoman.

… GM sought to register additional shares of its stock for purchase by its 401(k) participants after the company suspended purchases because no more registered shares were available, Ms. Gibson said.

“It was their (State Street’s) decision it would not be appropriate to register additional shares,” Ms. Gibson said.

GM informed participants of the decision. She didn’t know if any GM employees objected to the State Street action.

More here.

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