Who loves a plunging stock market? Executives at Standard & Poor's 500 Index companies, who are quickly snapping up stock after valuations plunged 25 per cent below their five-decade average, Bloomberg News reports.
As many as 66 insiders at 50 companies bought shares between Aug. 3 and Aug. 9, the most since the five days ended March 9, 2009, when the benchmark index for U.S. equities reached a 12- year low, according to data compiled by Bloomberg from Securities and Exchange Commission filings.
Among the buyers: Morgan Stanley chief executive officer James Gorman and two other top managers, and General Motors Co. CEO Dan Akerson.