Insider trading, something that Enron executives, and Martha Stewart know all about and have paid for it with real jail time. But now the exec's at Citi and Countrywide are selling stocks day's before major announcements of doom and gloom, and no one is clamoring that they go to jail!
So why did Martha Stewart get hammered for a $60k stock indiscretion, but Anthony Mozilo, CEO of Countrywide, bail out on hundreds of thousands of stock during the summer, but at this point very few are calling for his head? Now we find out that our former secretary of treasury, Robert Rubin (smartest man in the Clinton White-house) could also be guilty of inside trading as he dumps CITI stock like no ones business!
These guy's are up to their eyeballs in dirty money and I sure hope for fairness sake they get nailed as hard or harder then Martha. Another oddity is how much money they pay themselves and look at the performance of their companies. I'd love to work somewhere that I could lose the company hundreds of millions of dollars and still get my forty million dollar golden parachute.
If Prince (CITI) Rubin (CITI) and Mozilo (CWBC) do not get nailed by the SEC, then I'm really going to think the fix is in when it comes to bankers versus the rest of the market. Now the banks want to blame mortgage brokers, but they won't look at the greedy men at the top of their organizations. The hypocrisy coming from these major banks is making me sick, and I'm thankful that I do not own their stocks at this point. Frankly I don't care if they all go out of business and take their golden boy's with them.
Why the harsh criticism, read these articles and you'll see why....