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Monday, June 30, 2003
Filling in for Tom is....Alice.
Guest Blogger Alice sent this in to me over the weekend, but I just now got to it. Enjoy:
American Enterprise Institute Insider Trading
No organization was a more enthusiastic advocate of the war in Iraq than the American Enterprise Institute. So you might suppose that its Board of Trustees would have a optimistic view of the future, now that so many of their policies have been adopted.
It seems you would be wrong. In the months leading up to and during the war, four members of the AEI’s Board of Trustees were on the phone with their brokers dumping their corporate stock like it was a bad cold.
On January 28th, after Bush’s State of the Union speech, Martin M. Koffel, Chairman and CEO of URS Corporation, dumped 50,381 shares of URS stock worth $583,411.00. One month later, after Hans Blix made his report to the security council, William S. Stavropoulos, Chairman, President and CEO of Dow Chemical, exercised options on 33,750 shares of DOW and immediately unloaded 10,986 of those shares for $294,754.00 .
The spectacle of our courageous troops fighting their way across the desert apparently did not encourage Lee R. Raymond, Chairman and CEO of Exxon Mobile and Vice Chair of AEI’s Board of Trustees. On March 10 he exercised options on 100,000 shares of Exxon Mobile stock and immediately rid himself of them, netting $1,881.999.00. The following day J. Joe Rickets, Chairman and Founder of American Holding Corporation, made a non-open market acquisition of 26,883,315 shares of American Holding Stock. But apparently he did not want to hold on to them. That same day he made a non-open market disposition of the stock. The sums of money involved are not disclosed.
Lee Raymond was still dumping stock by the end of the month. On March 25th he exercised options on 43,708 shares of corporate stock and sold them the same day, netting $880,183.00
It lends a whole new meaning to the phrase Selling the Troops Short.
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