Sallie Mae chief sells stock, then suggests dividend cut

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.

And today

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.

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