carlfense Posted April 18, 2014 Share Posted April 18, 2014 SEC regulators say Keith A. Seilhan, 47, a 20-year veteran of BP plc, sold his family's $1 million portfolio of BP securities after learning that the public estimates of the extent of the Gulf of Mexico spill were grossly underestimated. The regulators say the sale of the stock and options saved Seilhan from more than $100,000 in losses. http://www.npr.org/blogs/thetwo-way/2014/04/17/304176960/bp-exec-who-led-cleanup-settles-on-charges-of-insider-trading Link to comment
Creighton Duke Posted April 18, 2014 Share Posted April 18, 2014 To be fair, $100K is really peanuts in comparison so what some of the REALLY wealthy people are making off of insider trading. Sometimes the circumstances are much more disgusting, as well (I'm thinking of the guy who someone was privy to the 9-11 attacks and shorted the entire market). Link to comment
carlfense Posted April 18, 2014 Author Share Posted April 18, 2014 To be fair, $100K is really peanuts in comparison so what some of the REALLY wealthy people are making off of insider trading. Agreed. I think this one sticks out primarily because of how pissed I was at the obviously phony BP spill estimates . . . Link to comment
tschu Posted April 18, 2014 Share Posted April 18, 2014 Yeah this is peanuts I agree. But insider trading is super-common and there's a reasonable amount of gray area. A huge number of execs will sell just enough to not get caught or time it with something else so it doesn't look obvious, but we all know what they're really doing. Sadly insider trading, front-running, and other BS is how a huge amount of money gets made by sh**ty people who work in business and finance. A little bit here, a little bit there and it has to add up. Link to comment
Creighton Duke Posted April 18, 2014 Share Posted April 18, 2014 To be fair, $100K is really peanuts in comparison so what some of the REALLY wealthy people are making off of insider trading. Agreed. I think this one sticks out primarily because of how pissed I was at the obviously phony BP spill estimates . . . Ohh yeah. It's like watching ridiculous valuations at IPOs and then seeing the immediate mass sell-offs from those who were allowed to get "in" before the IPO. Link to comment
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