All right Ted David, start dumping all your stocks. He doesn't post here any more, he's probably intimidated by the collective acumen on this thread (with myself being the head genius of course):
CNBC Tightens Rules on Stock Ownership
By Associated Press
January 13, 2004, 4:41 PM EST
NEW YORK -- CNBC, the financial cable TV network owned by General Electric Co., has tightened its rules for its employees and their families on owning stocks and bonds.
CNBC currently allows employees to own individual stocks and bonds as long as they keep them for at least four months. In addition, reporters, editors and management had extra limitations including a requirement that any transaction of 500 shares or more, or with a value of $20,000 or more, be approved by the company's legal department.
The company also conducted random audits and required on-air personalities to disclose any personal stock holdings whenever they mentioned the company on air. Speculative trades such as short-selling were also prohibited.
Under the new rules, CNBC will require its news staff and management to either liquidate all holdings of individual stocks and bonds by next Jan. 1 or place them in a blind trust. The new rules will also apply to spouses, dependents and relatives of CNBC employees who live in the same household.
The employees will continue to be allowed to hold index funds and other kinds of mutual funds and stock in CNBC's parent company GE as long as it is part of a company investment plan.
"CNBC's reputation for integrity is paramount to what we do and is key to our viewers. We continually work to set the highest possible standards in everything we do which is our role as the industry leader," CNBC spokeswoman Amy Zelvin said Tuesday.
Copyright © 2004, The Associated Press |
