Word: buying
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Biderman believes that insider trades shoot higher when there's a disconnect between broad market opinions and what business executives feel in their gut. "When [insiders think] things are going better than most people think, they buy stock," he says. "When things are going worse than people think, they sell." (Read "Q&A: Why the Stock Market Looks Bullish for Autumn...
Biderman has measured the ratio of insider selling to buying since 2004, and says historically the ratio is 7 to 1. (Insiders almost always sell more than they buy because they receive stock as part of their compensation.) Right now the ratio is 30, one of the highest he's recorded. November 2007 is the last time the ratio even came close...
...This past Sunday, The New York Times reported on one of the financial industry’s newest tactics—to securitize not mortgages, but bought-out life insurance policies. Wall Street firms buy policies from holders, continuing to pay monthly premiums until the original policyholder dies and the firm collects the life insurance money. The way in which these policies are bundled and sold as derivatives is suspiciously reminiscent of the way mortgage-backed securities were sold to investors. Upping the ante even more is a whole new set of ethical implications that comes with buying and selling...
...liability. This time, to offer life insurance to the physically unhealthy—in other words, the “subprime”—candidates is to actually back the interests of bankers interested in making a quick return on their investment. For banks to buy out policies from candidates near death is a sure payout. Just as loans were once urged on subprime candidates in the drive to expand the base of mortgages for securitization, nothing now stops Wall Street from engineering a way to encourage the sick and elderly to take out life insurance plans?...
Some etiquette buffs don't buy this explanation, however. "There are always people who want to attribute everything in etiquette to snobbery," protests Martin. "There were many little rules that people did dream up in order to annoy those from whom they wished to disassociate themselves. But I do not believe this is one of them." (See 10 Questions with Judith Martin...