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Bach sold more Microsoft stock than he let on
Author: Joe MartinPublished: 15th August 2007
Robbie Bach has apparently sold a lot more in Xbox stocks than originally thought.
Robbie originally landed in hot water last month when he off-loaded $6.2 million in Xbox 360 stocks at the same time as Peter Moore extended the the Xbox 360 warranty.
Concerns were immediately raised about it because Robbie hadn't scheduled his sales, which made it seem as if he was trading the stocks based on his insider knowledge that Peter Moore was about to admit that the Xbox 360 had hardware issues. Worried that the stocks were about to plummet, it's inferred he may have tried to sell before the stocks lost all their value.
The news today though is that Robbie didn't sell $6.2 million of Xbox stocks at all. Oh no, he sold $9.2 million instead and the extra $3 million weren't filed with the Securities and Exchange Commision thanks to an administrative error, according to CNN.
Microsoft is still standing by Robbie though, pointing out that the stocks didn't fall as many may have suspected and therefore even if it was insider trading then it still wouldn't make a difference. Robbie insists that the sale coincided with the announcement purely by accident.
Hmm. Tricky.
Reckon Robbie's been up to some dirty dealings, or is he a misunderstood businessman with a lot on his mind and a bad memory? Let us know what you think in the forums.
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Comments (13)Stats: 0.124 seconds
seriously I look at him and pray I've locked up my house properly as he's probably planning on stealing my valuables.
Guys in that much of the spotlight don't simply make sales like this under the radar. Only a fool (which he's not) would have put himself in this position knowingly.
And furthermore, since the stock didn't drop, there's no ill-gotten gains (not that that makes insider trading acceptable though!)
At best you've got a set of circumstances that to the conspiratorial-seeking-eye might suggest "alleged attempted insider trading". But come on, unless the investigators, doing their diligence, find some red hot smoking gun (possible but highly unlikely), this is just victim of circumstance territory.
Poor shlub.
You're free not to read articles if you don't believe they belong here. Why are you complaining when it was your choice to obviously click on the button?
Bach works for Microsoft, whom is one of the largest names in the PC AND Console business, therefore news about him cannot be argued to be irrelevant to a site whose articles for years have covered both Console, PC, Technology and modding news.
Robbie Bach got rid of $6.2 million in company stock between May 2 & May 30th.
And an additional $3 million on 1st of May - total $9.2 million.
Don't forget that all this was done before MS revealed its console problems.
I do find this a bit shaddy though, but is it wrong!
Well, no, not unless MS's executives and the SEC knew about it.
I'm not sure how to read all this, I guess time will tell.