Tuesday, December 8, 2009

Brizzi Gravitates Toward Troubled Companies?

Carl Brizzi's Statements of Economic Interest sure are interesting.

For example, his 2001 statement (signed on February 21, 2002) shows he held 440 shares of Owens Illinois, Inc. and no other business interests.

Then on his 2002 statement (signed on January 29, 2003), Brizzi adds 300 shares of Engineered Support Systems, Inc.

In other words, sometime before 2003 kicked in, Brizzi picked up the shares.

Then, on his 2003 statement (signed on January 26, 2004), all of his stock has disappeared, meaning he sold it.

Why does this matter?

Because in February of 2007, the SEC charged an executive, Ronald W. Davis, with insider trading with his broker, Michael Kopsky. Davis knew that in each of the first three quarters of 2003, earnings would beat expectations, so he had Kopsky buy the stock for his family and friends. Davis was the third Engineered Support Systems exec to face an SEC filing on a board that was also served by William H.T. "Bucky" Bush, the uncle of President George W. Bush.

In other words, Brizzi knew right when to get it and right when to get out.
Now I want to know who it was that put Brizzi onto Engineered Support Systems, Inc., too.

This is just the tip of the financial disclosure iceberg, folks. Stay tuned!


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