Funny how the Wall St. Journal, the NY Post, Daily News, Newsday ALL had this on the FRONT PAGE.... except for NY Times. And then the fact that an IBM exec was involved was buried deep in the article rather than mentioned in the first few sentences.
What most people don't know is an exec like Moffat already make MILLIONS from his regular salary and bonuses. In addition, he gets stock options.. that is he when the stock reaches a particular price he can sell it (until that price it's worthless). So... IBM laid off 4,800 in January and another 4,300 in March (9,100 in Q1 2009) so the stock price rose. Oh.. and they didn't HAVE to do these massive job cuts, it was a short-term fix for revenue short fall. All the work went to India where they've hired 18,000 this year.
So Moffat made lots from those cost cutting actions and the resulting stock increase. THEN... as if that wasn't enough....he has to get invovled with insider trading. The big question now is... did he also share the insider info on the massive Job Cuts as well as the Sun and AMD info?
Greed is a funny thing. It is apparently addicting. Maybe we'll start to see that as a new white collar defense. Temporary insanity, glind greed, etc. etc.
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