Business Services Industry
Insider Sales Point to Flaw in SEC Rule, Critics Say.
Knight Ridder/Tribune Business News, March, 2004
By Richard Burnett, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Mar. 14--Like many of corporate America's insiders, top executives at Bank of America Corp. had a watershed year in 2003 when it came to selling shares of their employer's stock.
Led by Chief Executive Officer Kenneth Lewis, the bank's senior managers sold more than $137 million worth of shares, clearing at least $31 million in profits, according to filings with the Securities and Exchange Commission.
Fueled by the bank's rising share price, sales of Bank of America stock by these executive insiders hit at least a five-year high in 2003. Between Aug. 1 and Sept. 2, they sold nearly five times as many shares as were sold in all of 2002, SEC records show....
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