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September 20, 2004

"Follow the Money"

Political crimes, a secretary in the midst of things, Dan Rather, and now "follow the money" -- the Watergate analogy keeps getting thicker. Thicker than old chicory molasses on a cold West Texas night.

The American Thinker tips that Sumner Redstone is dumping 340,000+ shares of CBS stock.

Karl tips me:

"Many may say that this is but a fraction of his wealth. While that may be the case, note that he is dumping almost all of his options. And their value is much more sensitive to price variations (depending on the strike price) than his underlying stock holdings. Hence it looks like he knows or fears the price is heading south (perhaps even under his strike price) and not coming back for quite some time. Surely this raises your eyebrows as well?"

The SEC filing is here.

By the Way: I'm not suggesting anything improper here. Redstone has all the public information he needs to make this decision.

I'm just saying that this savvy investor -- and big-time Democratic donor -- seems to realize CBS is going down.

Maybe CBS and Viacom ought to realize the potential debacle here, and fast. CBS and Viacom are billion dollar concerns; CBS News barely manages to eke out a profit. Do they really want to destroy an entire network to protect one egotistical, arrogant old coot from embarassment?

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posted by Ace at 03:02 PM

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