ANOTHER CLASSIC. THE CHAIRMAN BAILING ON HIS OWN SHARES. NO DOUBT PUTTING OUT A CNBC INTERVIEW AT THE SAME TIME SAYING THE MARKET IS A BUYING OPPORTUNITY. THIS IS A MESS AND WILL GET A LOT WORSE. http://www.secform4.com/insider-trading/25191.htm
Reminds me of the Toll CEO going on CNBC and saying "WE WILL BURY THE SHORTS" when his stock was trashed from 55 to 50 and he was asked by the bubblevision guys if he was worried about the stock price decline. And next week he dumped shares himself
Analysis from Yahoo Boards: The Rat is Selling....aka SpagettiHead (Not rated) 12-Mar-07 04:21 pm I can't wait until the trial... Didn't Mr Spagetti Head encourage the hype about a BAC sale.. Maybe K Mart will buy CFC.....I say it is a teenager by May 2007.....$19 or less....
What's even worse is that CFC has had a $2.5 billion buy back to prop share prices up while he sold ($1.5 billion was done by the end of Nov 06 and they expect to finish the buy back by spring 07) . Where did they get the money for the buy back? They borrowed it. Nice way to execute your fiduciary responsibility as CEO.
Must admit that the CFC deal here has turned into a bigger scandal than I previously thought...CEO is surely going to be under investigation...ugly scene. Loaded coffers on April $32.50 PUTS.
thats got to be the definition of irony. cant wait for the senate committee panel investigating the fall of these companies next year when this topic comes up. senator - can you explain chairman why you used the company buyback facility to prop up the share price why you personally sold millions of shares? chairman - dont know sir i was just exercising my right to sell my shares and maybe it was coincidental.
"My wife needed a new purse and I didn't know the company was spending billion on a buyback...sorry....can I go back to my private island I bought now?"