More in the “you can’t make this stuff up” category…
According to the Wall Street Journal:
Albert L. Lord, chief executive of student-loan titan SLM Corp., or Sallie Mae, sold slightly more SLM stock than the company announced last week.
On Friday, Mr. Lord sold 1,265,401 shares of SLM, or 97% of his company stock, according to filings the company made yesterday with the Securities and Exchange Commission. The sales were at an average price of $27.36 a share.
SLM Corp. posted a record drop in New York Stock Exchange trading after Albert Lord, in his first comments since taking over as chief executive officer last week, said an increase in borrowing costs would slow profit growth.
Taking lessons from Countrywide antics? Who knows…there’s always some excuse.
UPDATE: Call me crazy, but I bet shareholders would rather hear this.
UPDATE 2: After reading about the already infamous conference call, the first thing I thought of wasn’t Jeff Skilling, but Patrick Byrne.
Slightly less amusing than owning banking stocks
From the Screw FASB And Their Damn Year End Closings Department:
Quickbooks for Mac users were caught in an update debacle, with Intuit’s latest patch eating files. Intuit’s initial response: “…our recommendation for now is to turn off your computer and do not use it further.”
From the Every Dog Has Their Day Department:
“Losers average losers” – Paul Tudor Jones; “Losers average losers, unless both ‘losers’ are Goldman Sachs” – anonymous
From the Sallie Mae’s Collateral Is Worthless Department:
“To err is Human, but it requires an MBA to really fuc* up.” – Barry Ritholtz
From the I’ll Take That Muni At LIBOR + 16 Department:
“It is really a situation where states have been making promises that they have to pay for tomorrow and not putting the money aside today.” – Susan Urahn, managing director at Pew Center on the States.
From the Microsoft Ain’t Dead Yet Department:
“While you are waiting for it, users are still saying ‘I’ll just send you the Excel file’. While you are waiting for it, 94% of the country is getting shit done.” – one very reasonable software engineer
The best and worst.
Personally, I think Time messed up a bit – Cerberus bagging United Rentals and J.C. Flowers walking from Sallie Mae could very well turn out looking pretty smart (for Cerberus and J.C. Flowers). And Nokia likely paid too much for Navteq, which really turned out to be a good deal for Garmin.
UPDATE: J.C. Flowers is already looking smart, as Sallie Mae continues chiseling its outlook. Dana Cimilluca agrees.