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Technology Stocks : America On-Line (AOL)
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To: Dr. David Gleitman who wrote (27049)7/27/1999 1:37:00 AM
From: FR1  Read Replies (3) of 41369
 
Steve's selling: Yeah, I got a opinion.

Any beginner can tell you that you don't sell stock when the price is going down. You lose money that way.

You sell stock when it is going up.

Unless, of course, you happen to know major bad news is going to hit tomorrow.

I think it is as close to insider trading as you can get.

AOL put a lot into the SF board decision. It was hyped a lot. They were lobbied like mad. The public had the feeling the decision would go to AOL. It is important because if you lose it, no other major city is going to follow Portland. Among major cities, San Francisco is a very liberal.

Make no mistake, Steve knew exactly what the score was.

He can count heads.

He knows that it is 9-2 against AOL or close to that.

So just hours before the vote against AOL, Steve and his managers dump 4 million shares.

If the shareholders had the same information as Steve, they would have sold too.

To say this is not fair and unethical is a understatement.

To say it is illegal is another matter.
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