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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Carl Shaw who wrote (217786)	1/13/2002 12:21:42 PM
From: Thomas A Watson	Read Replies (1) \| Respond to of 769667

Carl, if you look at the dates and sequence of the purchases you will find 4.6 million bucks bought Jun to Dec and 4.2 million proceeds from the sale of shares. Using the sale of options proceeds to pay for other option pruchases. Before June 01. Mr. Lay sold 147000 shares and used the proceeds to buy 218620 shares. Well not quite as Mr. Lay had to come up with 400k to pay for the difference. Mr. Lay also acquired 370960 addition shares in 2001. What Mr. Lay paid is not reported. But Mr Lay also sold 377486 shares for 18.5 million. But they are now worth .67 a share. This to me is classic selling options at a profit to buy and own more shares outright. I'd also guess Mr Lay has a big tax liability. I would not be surprised if Mr. Lay sold some shares at the very end of 2001 to offset the tax liability. tom watson tosiwmee