Sirius XM Radio announced that its CEO, Mel Karmazin, has adopted a trading plan for SiriusXM common stock in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. This process is intended to facilitate Mr. Karmazin's personal financial planning strategy of asset diversification and liquidity. In accordance with the 10b5-1 plan, up to 30M options to purchase SiriusXM shares will be exercised and the underlying shares will be sold into the marketplace (a portion of the proceeds will cover the exercise price). It is expected that the plan will become effective in, and sales thereunder may be made as early as, mid September.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.