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Politics : Ask Michael Burke
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To: PaperChase who wrote (33499)10/7/1998 12:35:00 PM
From: eabDad  Read Replies (1) of 132070
 
Paper: I would agree with MB that lawyers and just plain sensible IR management would prevent that action. I know of several companies that have a policy that if they found out any managers were short the stock in any way that it was grounds for firing.

However, there is a game being played with executive stock holdings. There are several "funds" around which solicit executives to place their stock is the fund. The stock is held in the account and from the CEO's perspective and reporting he holds the stock. However, the "fund" can short against the box, and use the funds to invest elsewhere. Executives which invest in this "mutual" get some percentage of the net gain made by the fund, I believe. Not sure how the losses go, though. I'm not exactly sure how it works, because I've never done it, but there are vehicles out there to accomplish the same end. Where there's a will, there's a way.

Anyone know more details of the types of funds I refer to?

Z
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