Monday, October 06, 2008

GGP Replaces CFO

Lacey, a commenter on the post “The Winds Are Shifting Part Two,” pointed out that nine senior executives of General Growth Properties “dumped millions of dollars of stock on around Sept. 26, days before the amendment submission.”

It turns out that the bulk of those insider stock sales were by one guy, the chief financial officer. From September 18th through October 3rd, Bernard Freibaum sold 6,460,381 shares. According to this story from The Sun this past Saturday, Mr. Freibaum has “$3.4 million of margin debts outstanding” and “is no longer with the company.”

You can see how Mr. Freibaum sales compared with the other eight senior executives sales here.


Anonymous said...

I'll bite. Don't people go to jail for insider trading. Who would be in a better position to know the financial circumstances of a company than the CFO?