Moody's stock when they heard that the firm was about to be investigated by the Feds. The entire financial system is taking down the planet with levels of corruption unheard of in the history of mankind.
http://www.businessinsider.com/moodys-ceo-dumped-stock-sec-wells-notice-2010-5<snip>
We think Moody's (MCO) should have immediately announced that the SEC had served it with a "Wells Notice" on March 18th, when the Wells Notice arrived, instead of waiting two months and disclosing this news in its 10Q.
The SEC gives companies and individuals "Wells Notices" when it it is gearing up to file formal complaints against them. In this case, the SEC says the Wells Notice may be followed by a "cease-and-desist" that would revoke Moody's license to be a ratings agency.
We think Moody's investors would have regarded the receipt of this Wells Notice as "material non-public information" (especially those who bought the stock in the past 7 weeks without knowing that the company was sitting on a Wells Notice.)
We suspect Moody's investors will also be interested to know that CEO Raymond McDaniel dumped 100,000 shares of stock at $29 a share the day the Wells Notice arrived. And that Berkshire Hathaway (BRK) sold ~678,000 shares that day and another ~300,000 or so in the week that followed.
Read more:
http://www.businessinsider.com/moodys-ceo-dumped-stock-sec-wells-notice-2010-5#ixzz0nZ86XhXV