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Corporate Insiders Dumped BILLIONs in Stock – Over a 1000 CEOs Stepped Down

Scorpio

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#1

Pre-Coronavirus Nightmare: Corporate Insiders Dumped BILLIONs in Stock – Over a 1000 CEOs Stepped Down – WHY?
Posted by: Michael Snyder in ECONOMY, FREEDOM WATCH, SUPPORT A FREE USA!, U.S. NEWS, WATCHMEN ON THE WALL 6 hours ago



By Michael Snyder

In the months prior to the most ferocious stock market crash in history and the eruption of the biggest public health crisis of our generation, we witnessed the biggest exodus of corporate CEOs that we have ever seen.



As you will see below, corporate insiders also sold off billions of dollars worth of shares in their own companies just before the stock market imploded. In life, timing can be everything, and sometimes people simply get lucky. But it does seem odd that so many among the corporate elite would be so exceedingly “lucky” all at the same time. In this article I am not claiming to know the motivations of any of these individuals, but I am pointing out certain patterns that I believe are worth investigating.



One financial publication is using the phrase “the great CEO exodus” to describe the phenomenon that we have been witnessing. It all started last year when chief executives started resigning in numbers unlike anything that we have ever seen before. The following was published by NBC News last November

Chief executives are leaving in record numbers this year, with more than 1,332 stepping aside in the period from January through the end of October, according to new data released on Wednesday. While it’s not unusual to see CEOs fleeing in the middle of a recession, it is noteworthy to see such a rash of executive exits amid robust corporate earnings and record stock market highs.
Last month, 172 chief executives left their jobs, according to executive placement firm Challenger, Gray & Christmas. It’s the highest monthly number on record, and the year-to-date total outpaces even the wave of executive exits during the financial crisis.​
By the end of the year, an all-time record high 1,480 CEOs had left their posts.

But to most people it seemed like the good times were still rolling at the end of 2019. Corporate profits were rising and the stock market was setting record high after record high.

Yes, there were lots of signs that the global economy was really slowing down, but most experts were not forecasting an imminent recession.



So why did so many chief executives suddenly decide that it was time to move on?

The following are just a few of the big name CEOs that chose to step down in 2019

Boeing — Dennis Muilenburg

United Airlines — Oscar Munoz

Alphabet — Larry Page

Gap — Art Peck

McDonald’s — Steve Easterbrook

Wells Fargo — Tim Sloan

Under Armour — Kevin Plank


PG&E — Geisha Williams

Kraft Heinz — Bernardo Hees

HP — Dion Weisler

Bed, Bath & Beyond — Steven Temares

Warner Bros. — Kevin Tsujihara

Best Buy — Hubert Joly

New York Post — Jesse Angelo

Colgate-Palmolive — Ian Cook

MetLife — Steven Kandarian

eBay — Devin Wenig

Nike — Mark Parker

Of course the mass exodus of chief executives did not end there.

In fact, a whopping 219 CEOs stepped down during the month of January 2020 alone.

By then, it was starting to become clear that the coronavirus that was ripping through China could potentially become a major global pandemic, and I certainly can understand why many among the corporate elite would choose to abandon ship at that moment.

Some of these CEOs have made absolutely absurd salaries for many years, and it is much easier to take the money and run than it is to stick around and steer a major corporation through the most difficult global crisis that any of us have ever experienced.

The following are just a few of the well known CEOs that have resigned so far in 2020

Bob Iger, CEO of Disney

Ginni Rometty, CEO of IBM

Harley-Davidson CEO Matt Levatich

T-Mobile’s CEO John Legere

LinkedIn CEO Jeff Weiner

Mastercard CEO Ajay Banga

Keith Block, co-CEO of Salesforce

Tidjane Thiam, CEO of Credit Suisse

Hulu CEO Randy Freer

It is important for me to say that I do not have any special insight into the personal motivations of any of these individuals, and every situation is different.

But I do think that it is quite strange that we have seen such an unprecedented corporate exodus at such a critical moment in our history.

Meanwhile, top corporate executives were dumping billions of dollars worth of shares in their own companies just before the market completely cratered. The following comes from the Wall Street Journal

Top executives at U.S.-traded companies sold a total of roughly $9.2 billion in shares of their own companies between the start of February and the end of last week, a Wall Street Journal analysis shows.
The selling saved the executives—including many in the financial industry—potential losses totaling $1.9 billion, according to the analysis, as the S&P 500 stock index plunged about 30% from its peak on Feb. 19 through the close of trading March 20.​
In the stock market, you only make money if you get out in time, and many among the corporate elite seem to have impeccable timing.

Perhaps they just got really lucky. Or perhaps they were reading my articles and understood that COVID-19 was going to cause the global economy to shut down. In any event, things worked out really well for those that were able to dump their stocks before it was too late.

And it turns out that several members of Congress were also selling stocks just before the market went nuts…

Sen. Dianne Feinstein of California and three of her Senate colleagues reported selling off stocks worth millions of dollars in the days before the coronavirus outbreak crashed the market, according to reports.
The data is listed on a U.S. Senate website containing financial disclosures from Senate members.​
Of course most ordinary Americans were not so “lucky”, and the financial losses for the country as a whole have been absolutely staggering.

The good news is that there was a tremendous rally on Wall Street on Tuesday, and that will provide some temporary relief for investors.

But the number of confirmed coronavirus cases continues to escalate at an exponential rate all over the globe, and this crisis appears to be a long way from over.



About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The End, Get Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help. During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

Republished with permission The Most Important News


https://trueconservativepundit.com/...-ceos-stepped-down-why/?utm_source=whatfinger
 

Goldhedge

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#3
I wonder how many of them have a connection to the Bildabergers, or CFR? or any of the 'other' layers above nations...?
 

TAEZZAR

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#5
I wonder how many of them have a connection to the Bildabergers, or CFR? or any of the 'other' layers above nations...?
The rats knew the ship was sinking and they were the first off!
Maybe they lurk around here, learned a little & figured to retire early, get an exit bonus & cash it in for PM's, while money will still buy something !
:don't    know2:
 

Voodoo

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#6
Yeah supper weird. It's almost like they knew there was an attack coming.
 

Krag

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#7
Just follow Zero Hedge on the treasons being committed in times of crisis.

Gee, I wonder how they knew...

I wonder how those Senators knew too... Or the firms of the Senators managing their funds...

I don't know how these weasels know when the ship is going to sink, but they know. No doubt they must whisper something to each other during their golf games or while their spouses are yakking away at the country club.

And you, the American chump, on the other hand, are told everything is fine and/or going to be fine. Just as long as you keep plugging and slaving away. Some day your ship will come in too!
 

hoarder

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#7
Is this fake news or something?
 

Voodoo

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#8
No there have been a bunch leave and some really big ones like Bob Iger, Bill Gates, and a slew of others.
 

nickndfl

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#9
He didn't mention Bill Gates which was very surprising, but not in hindsight.
 

hoarder

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#10
No there have been a bunch leave and some really big ones like Bob Iger, Bill Gates, and a slew of others.
But that's not a thousand.
 

Mr Paradise

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#11
Article is from November 2019.

Some of those CEO’s counted left over a year ago. Some of the CEO’s got sent packing for affairs with co workers (McDonald’s) or accounting irregularities (Under Armour) etc....

I’m not saying top CEO’s don’t get the “memo” but CEO’s like to go out on top to secure their legacy just like sports stars. Did they know global recession was on the horizon for 2020 ....maybe.

Hell, I’m a nobody and even I sensed a rocky 2020 ....making financial adjustments that go along with that.
 

Scorpio

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#12
but CEO’s like to go out on top to secure their legacy just like sports stars.
that is such a important point,
many times this is the reason they leave,
they know the direction the company is headed, what the projections are and the rest,

and some leave on top, perfectly comfortable with their successor that he/she won't screw up what they have done
 

everything

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#15
They were cashing in at tops, but also recruiter corporations fawn over them too, but moving people around allot negates accountability.

These CEO's did one better than just rats jumping ship. They used corporate bonds to finance the stock buybacks, knowing full well, that the government would backstop them, and now finally the government is buying those corporate bonds, many I'm sure will turn to junk?