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Countrywide Leads Insider Selling Spree

You already know the drill. Insiders sold $15.8 million worth of shares at an average price of $38.25. Those same shares are now worth just $2.4 million. That's some loss. Naturally, the insiders didn't always walk away with all the money. In some cases they exercised options -- albeit often at low prices -- on the shares before selling them.

Politicians on Capitol Hill are planning to hold hearings into the subprime market meltdown. If they want to do something useful, they might invite some of the executives at the companies above to turn up, then ask them some tough questions.

In keeping with TSC's editorial policy, Brett Arends doesn't own or short individual stocks. He also doesn't invest in hedge funds or other private investment partnerships. Arends takes a critical look inside mutual funds and the personal finance industry in a twice-weekly column that ranges from investment advice for the general reader to the industry's latest scoop. Prior to joining TheStreet.com in 2006, he worked for more than two years at the Boston Herald, where he revived the paper's well-known 'On State Street' finance column and was part of a team that won two SABEW awards in 2005. He had previously written for the Daily Telegraph and Daily Mail newspapers in London, the magazine Private Eye, and for Global Agenda, the official magazine of the World Economic Summit in Davos, Switzerland. Arends has also written a book on sports 'futures' betting.
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