Bob Lutz Buys More GM Stock, Banks On Big Bank To Come?

The main product man for the big n' bad automaker from Detroit exercised an option to buy 53,336 shares in his employer for $20.90 each. That's a total of $1.1 million for $1.7 million in stock (based on the current price of $31.50). Not too shabby a deal if you ask us. Although "Maximum" Bob then turned around and sell 5,502 of the shares for $173,313 for tax purposes, he's still up some 47,000 shares. GM's calling it showing "confidence in our turnaround." We call it "wanting to make a quick buck on a higher stock price." I mean come on, this is the guy who basically told shareholders they'd pry his benefits from his cold dead hands. Just sayin'...

Lutz spends $1.1 million to raise GM holdings by 20% [Freep]

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Bob Lutz Wants You To Buy A House To Help GM Sales; Lutz Fires Back at York, Takes Out Own Foot [internal]