PrintJune 24, 2009
Abandoning a sinking ship?
US corporation executives certainly aren't showing much confidence in The One's ability to bring the economy back.
Anuj Gangahar and Michael Mackenzie of the Financial Times are reporting that many exes are cashing out their shares in anticipation of a continued downturn in the world economy:
Executives in charge of the largest US companies sent a signal of their concerns by selling far more shares than they bought this month, according to data based on Securities and Exchange Commission filings.
Share sales by so-called company insiders are outstripping purchases so far this month by more than 22 times. TrimTabs, the investment research company, said insiders of S&P 500 listed companies have unloaded $2.6bn in shares in June, compared with $120m in purchases.
"The smartest players in the US stock market - the top insiders who run public companies - are not betting their own money on an economic recovery," said Charles Biderman, chief executive of TrimTabs.
I would say to those rich, white guys have a little faith, brothers! Racking up trillions in deficits and double digit trillions in debt over the next decade can be good for you if you only accept the Word of The One.
Oh ye of little faith, ye shall be proved wrong as the policies of the Messiah bear fruit and dollars multiply like randy rabbits.
Mmmmmm - I don't think they're buying, do you?
