From Ticker Sense
While the last year has been rough for Sallie Mae shareholders (SLM), yesterday was particularly painful as the stock fell another 9% for its largest drop in 14 years. This followed the release of President Bush’s budget plan for next year, in which he proposed further cuts in federal payments to companies who provide student loans.
The day was slightly less painful however for the Chairman of SLM. Last Thursday and Friday, he sold 400,000 shares (roughly 33% of his stock holdings) at prices between $45.75 and $46.03 in what was by far his largest stock sale in at least a year. With yesterday’s closing price of $42.37, the chairman saved himself at least $1,344,000.00.
