Sears execs unload shares (but not buying new ones)

CHICAGO -- When Kmart Holding Corp. announced plans to buy his company last month, Sears, Roebuck and Co. CEO Alan Lacy told employees that the deal was "one of the great mergers in corporate history."

At least eight high-level Sears executives also believe it's a great time to cash in some stock. And they haven't been increasing their stakes in the retailer since the deal was announced, either.

Since a merger of the two struggling retailers was announced Nov. 17, Sears' chief financial officer, its general counsel and its top personnel executive were among those who have sold $15.7 million in company stock, according to Thomson Financial. Total profits realized: $5.5 million.

By contrast, before the proposed deal, top Sears executives had dumped $2.58 million in stock in 2004.

Meanwhile, no Sears insiders have made open-market purchases of the Hoffman Estates, Ill.-based retailer since Kmart Chairman Edward Lampert announced the merger. Although insiders might sell shares for reasons ranging from estate planning to portfolio diversificatiion, experts view purchases as a vote of confidence about a company's prospects.
http://www.freep.com/money/business/sears1e_20041201.htm

Mergers are almost NEVER good for shareholders, consumers, or employees. They only benefit corporate officers and investment bankers.

the scene where Patrick is talking with a woman in the noisy nightclub.

woman - so what do you do?

PB - I'm into murders and executions, mostly.

woman - oh really? i have a friend who's in mergers and acquisitons...