RawStory: "'Like Martha Stewart,' Congress Investigates Student Loan Stock Sales Before Bush Budget"

http://www.rawstory.com/news/2007/Like_Martha_Stewart_Congress_investigates_student_0213.html

'Like Martha Stewart': Congress investigating student loan corps' sale of stock before Bush budget
Michael Roston
Published: Tuesday February 13, 2007

Following a sale of 400,000 shares of stock by the chairman of the board of a major student loan corporation just before its stock prices dipped, two Congressional committees have initiated an investigation into communications between the White House, Education Department, and the Sallie Mae Corporation. One nongovernmental analyst told RAW STORY that the situation was "reminiscent of Martha Stewart."

Mutliple news sources reported last week that Sallie Mae Corporation Chairman Albert Lord (pictured above) had sold 400,000 shares of his stock in the nation's largest student loan provider on Thursday, Feb. 1, and Friday, Feb. 2. The following Monday, Feb. 5, the federal government released its Education budget, which included a substantial cut in federal subsidies for aid providers.

Sallie Mae's stock price, which closed on Friday the 2nd at $46.46, fell to $42.37 on Monday the 5th. The sale before the roll out of the federal education budget saved Lord more than $1.5 million.

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Two Congressmen today sent three letters to White House Counsel Fred Fielding, Secretary of Education Margaret Spellings, and Sallie Mae Corporation Chairman of the Board Albert Lord, seeking communications between the White House, Education Department, and Sallie Mae since Nov. 1 of last year. Rep. George Miller (D-CA), Chairman of the House Education and Labor Committee, and Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services, requested the transmission of written correspondence, e-mails, meeting minutes, notes, telephone and meeting logs in the next ten days.

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Tip of the iceberg.

Just as I have said all along.

this guy is GOP. And Alberto is firing good federal prosecutors as all the chickens' shit hits the roost.