Wednesday, October 03, 2007

While the Getting Was Good

They got out:

Shareholders and executives at Airbus parent EADS engaged in "massive" insider trading, a press report said Wednesday, citing a document that also alleges the government had been aware of difficulties at EADS prior to the lucrative sale of shares.

Le Figaro said the French market regulator AMF had provided the public prosecutor with a note detailing the alleged illegal trade, which reportedly saved participants a total of 90 million euros (127 million dollars) after a 2006 profit warning prompted a collapse in the EADS share price.

Quoting the document, the paper said a total of 1,200 alleged cases of insider trading on the shares were detected....

According to the paper the documents are "damaging" for the French media and defence group Lagardere and German automaker DaimlerChrysler, both shareholders in the European Aeronautic Defence and Space Company, as well as key executives at EADS and Airbus.

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