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SEC Reports: CEO of Viacom (CBS) dumps nearly $12 million in Stock
PreciseTruth blog ^
| 9/19/04
| self
Posted on 09/19/2004 9:59:45 AM PDT by Steven W.
At the height of Rathergate, it appears Sumner Redstone, Chairman and CEO of Viacom Corporation, has issued his first verdict on the collapse of credibility for its CBS News operation and 60 Minutes programming. In disclosure mandated by the SEC, "STATEMENT OF CHANGES OF BENEFICIAL OWNERSHIP OF SECURITIES", Redstone reveals his transaction promptly followed the disasterous & defiant appearance by Dan Rather on last Monday evening's edition of the CBS Evening News. In official filing, and with Viacom currently selling near 5 year lows, records reveal Redstone sold 341,500 shares of Viacom stock options for an otherwise undisclosed 401K account on Tuesday of last week, September 14, 2004. Overall, with shares still selling for $11,952,500 at only $35 a share, his gross profit from the transaction appears to have yielded around $6,744,625 in cash.
TOPICS: Business/Economy; Constitution/Conservatism; Crime/Corruption; Culture/Society; Government; News/Current Events; Politics/Elections
KEYWORDS: cbs; cbsnews; forgery; goingdown; killian; rather; rathergate; redstone; sec; stocks; viacom
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Actions speak louder than words :)
1
posted on
09/19/2004 9:59:47 AM PDT
by
Steven W.
To: Steven W.
*Picking jaw up off floor*
2
posted on
09/19/2004 10:00:47 AM PDT
by
Howlin
(What's the Font Spacing, Kenneth?)
To: Steven W.
"CEO of Viacom (CBS) dumps nearly $12 million in Stock" Translation: ABANDON SHIP, ABANDON SHIP. EXECUTIVES FIRST, COMMON PEOPLE LAST!
3
posted on
09/19/2004 10:01:51 AM PDT
by
Enterprise
(The left hates the Constitution. Islamic Fascism hates America. Natural allies.)
To: Howlin
Ha! Guess what Redstone is saying to all the shareholders in Viacom that held their stock is "sucker!"
He could at least have the decency to fire Rather and Heyward so other shareholders might have a chance at recapturing some of their investment.
4
posted on
09/19/2004 10:04:03 AM PDT
by
Tennessean4Bush
(An optimist believes we live in the best of all possible worlds, a pessimist fears this is true.)
To: Howlin
Hmmm? Could this be construed as insider trading? Dumping his stock because he was aware of the forgeries and the consequences to stock value upon public disclosure.
Beat the rush and dump now
5
posted on
09/19/2004 10:08:27 AM PDT
by
Covenantor
(CBS Counterfeit But Sincere)
To: Steven W.
Hehehe Rather is history....
To: Tennessean4Bush
Follow the money. Is Rather holding on to his stock like a leaky dingy is a sea of lies.
7
posted on
09/19/2004 10:10:48 AM PDT
by
drdemars
(Each moment I think a healthy life)
To: Covenantor
8
posted on
09/19/2004 10:11:10 AM PDT
by
eno_
(Freedom Lite, it's almost worth defending.)
To: eno_
9
posted on
09/19/2004 10:11:38 AM PDT
by
Vinomori
To: Tennessean4Bush
Follow the money. Is Rather holding on to his stock like a leaky dingy is a sea of lies.
10
posted on
09/19/2004 10:11:53 AM PDT
by
drdemars
(Each moment I think a healthy life)
To: Steven W.
LOOSING SHARE?
TRY THE TRUTH !
11
posted on
09/19/2004 10:12:03 AM PDT
by
ChadGore
(Vote Bush. He's Earned It.)
To: Steven W.
At least he can't be accused of insider trading. This is wide open.
12
posted on
09/19/2004 10:12:12 AM PDT
by
js1138
(Speedy architect of perfect labyrinths.)
To: Steven W.
Dear Steven W.,
I'd thought that top executives in publicly-traded companies had to file a statement with the SEC some time before they sold shares of their company.
That means that this transaction had been planned for a bit, and was likely not a reaction to the current crisis.
sitetest
13
posted on
09/19/2004 10:12:26 AM PDT
by
sitetest
(Spitball Kerry for Collaborator-in-Chief!)
To: Steven W.
14
posted on
09/19/2004 10:13:08 AM PDT
by
ChadGore
(Vote Bush. He's Earned It.)
To: Steven W.
Lock him up!
Much worse than Martha Stewart.
15
posted on
09/19/2004 10:13:42 AM PDT
by
Jim Noble
(Hillary becomes the RAT candidate on October 9. You saw it here first.)
To: SAJ; wardaddy
Saj, is Sumner just writing covered calls in this article when they say that he is "selling stock options" or is it that he dumped options that he'd purchased earlier?
16
posted on
09/19/2004 10:14:17 AM PDT
by
Southack
(Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
To: Steven W.
Yeah- I picked this up online two days ago when I checked insider activity...I am sure word went out to other top and middle management NOT to sell theirs to prevent an avalanche of selling from others....
To: Steven W.
18
posted on
09/19/2004 10:16:02 AM PDT
by
GeneD
To: Steven W.
To: Southack
20
posted on
09/19/2004 10:17:55 AM PDT
by
Peelod
(Perversion is not festive)
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