Rep. George Miller Wants Answers in Sallie Mae Insider Trading Scandal

Fresh off a Washington Post report that Sallie Mae chairman Albert Lord sold $18.3 million in company shares just before the Bush administration announced a fresh round of cuts in subsidies, East Bay rep and Pelosi go-to guy George Miller has asked Lord, the Bush administration, and the Education Department to make public all electronic communication on the subject. According to the Chronicle of Higher Education, Miller has teamed up with Barney Frank in making the request. In response, reps of Sallie Mae, the nation’s leading provider of student loans, claimed that Lord sold less than 5 percent of his company holdings, which would put his stake in Sallie Mae at around $360 million.

18,632FansLike
0FollowersFollow
67,429FollowersFollow

Newsletter sign-up

eLert sign-up

Oakland
clear sky
42.9 ° F
46 °
39 °
73 %
2.1mph
1 %
Sat
57 °
Sun
59 °
Mon
62 °
Tue
56 °
Wed
54 °