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Politics : Moderate Forum -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (1013)	5/8/2003 10:59:50 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 20773

These allegations concerning Mitch Daniels and insider trading appear to be a bit of a stretch. Daniels sold his IPALCO stock in January 2001 and he was confirmed as the head of the OMB on January 21, 2001. I suspect that he was in the process of simplifying his financial affairs before stepping in the the OMB position. The suit alleges that the insiders dumped their shares because they say trouble brewing for AES. That is a ridiculous charge. If that were actually the case, no board in their right mind would have approved the deal. I would be more impressed if there was evidence that the IPALCO insiders had shorted AES in anticipation of its eventual collapse. indystar.com About 2,000 IPALCO employees alleged in the suit filed Friday in U.S. District Court in Indianapolis that the insiders "dumped" $71 million worth of stock in the Indianapolis electric utility about the time it was bought by AES Corp. in 2001, in part because they saw trouble ahead with AES' stock price, which later tumbled...AES shares traded at $49.60 when the merger closed in March 2001, plummeting 90 percent in the first 10 months after the merger, and to a low of 92 cents last October. Shares closed Tuesday at $6.17, down 30 cents.