Tucker,
You are the fellow to ask, to see if I have understood the situation correctly:
Intel President Paul Otellini exercises right to buy 500,000 shares of INTC for $3.41 per share on Jan 16, 2003 and another 500,000 shares of INTC for $3.41 per share on Jan 17, 2003. All together 1 million shares of INTC were purchased on Jan 16 and 17 for $3.41 per share.
Intel President Paul Otellini proceeded to sell a total of 900,000 shares of INTC on Jan 16 and 17 for a grand total of $15,224,000. (Sold 500,000 on Jan 16 for $17.24 and sold 400,000 on Jan 17 for $16.51).
The cost to Intel President Paul Otellini for 900,000 shares of INTC was $3,069,000 and the shares were sold for $15,224,000, giving him a gain of $12,155,000.
I ask: Who paid for this gain? Is Intel not busy buying back shares?
We the stock holders paid for this! It should have been called "Salary Bonus" for a job well done!
No wonder that stock options are not expensed! This way they think they can fool us.
This is beginning to smell as bad as Enron and Worldcom. I am beginning to think our company president should spend a few years in the SLAMMER and Board Members voting for such crocked behavior should get at least 12 months. That would give them time to truly evaluate their sins...humble carl |
