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Wednesday, May 13, 2009

As GM shares dive, W.House working on rescue plan

WASHINGTON, May 12 (Reuters) - U.S. President Barack Obama and his autos task force are working to ensure the continued survival of General Motors(GM.N), the White House said on Tuesday, after GM shares plunged to a 76-year low.

Six GM executives disclosed on Monday that they sold almost $315,000 in stock and liquidated their remaining direct holdings in the automaker.

White House spokesman Robert Gibbs said he would "resist the temptation to comment on individuals' personal stockholdings, except to say that the president and auto task force want to ensure the continuation of General Motors that puts it on a path that doesn't require continued government subsidies."

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