Sunday, July 29th, 2007, 3:51 am
Robbie Bach (of Microsoft) a Criminal in a Suit
Filed under: No investigation, no scrutiny, and Robbie Bach is not even in jail. Let the following recent story teach you why the legal system in America is broken beyond repair and why Microsoft is virtually above the law. It is permitted to steal millions from investors and get away untouched.
MarketWatch.com reports that Robbie Bach, president of Microsoft’s Entertainment and Devices division, sold $6.2 million of Microsoft stock just prior to announcing that Microsoft was going to have to extend XBox 360 warranties to three years because of extensive failures. The filings note that this was not part of any scheduled diversification or selling program; this was a conscious, unscheduled sale by the guy in charge of releasing news that could affect the value of Microsoft stock.
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Insider trading is a very serious violation of the law; just ask Martha Stewart, who served five months in prison for avoiding losses of $43,000 through trades that just had suspicious timing (no insider trading was actually proven). This is $6.3 million that went straight into Robbie Bach’s pocket.
It has been weeks. No apparent action taken.
