State of Michigan Retirement Fund: GM Stock

News 10 is reporting that the state of Michigan retirement fund has invested less than one tenth of one percent of its money in General Motors stock.

Art Baker, the head of UAW Local 652 calls it "a bad business decision."

State Treasurer Jay Rising controls the state's $49 billion fund on behalf of retired state workers. He says while the state does hold some GM stock and bonds, that does not mean there is a lack of confidence in the automaker which is going through some tough economic times.

Baker says he owes GM stock and the state should buy more, too.