Home » Consumer News »Editorial & Site News »Internet Overcharging »Time Warner Cable » Currently Reading:

Cashing in On Your Time Warner Cable Rate Increase: Top Executives Sell Shares, Earning Millions

While your cable and broadband bill increased in 2010, so did the net worth of some of Time Warner Cable’s top executives, compensated in part with shares of company stock.

Chairman, President & CEO Glenn Britt sold 50,000 shares of TWC stock on 02/26/2010 at the average price of $46.44 a share.  While he ponders whether or not to slap limits on your Road Runner broadband service, he can run his fingers through a cool $2,322,000 from this stock sale alone.

Chief Operating Officer Landel C. Hobbs, the man that said Time Warner Cable needed the money earned from Internet Overcharging to afford costly network upgrades, did better than Britt last week when he sold 57,000 shares at an average price of $54.58 a share.  Perhaps chipping in some of that $3,111,160 in extra compensation would help things along.

It doesn’t just stop there:

  • Senior EVP & CFO Robert D Marcus sold 28,504 shares of TWC stock on 05/27/2010 at the average price of $54.21 — $1,545,201.84
  • TWC Ventures Carl Uj Rossetti sold 13,154 shares of TWC stock on 05/27/2010 at the average price of $54.40 — $715,577.60
  • EVP & Chief Technology Officer Michael L Lajoie sold 9,169 shares of TWC stock on 05/03/2010 at the average price of $56.37 — $516,856.53
  • EVP & Chief Strategy Officer Peter C Stern sold 3,676 shares of TWC stock on 04/26/2010 at the average price of $55 — $202,180
  • EVP & Chief Strategy Officer Peter C Stern sold 1,483 shares of TWC stock on 04/05/2010 at the average price of $53.32 — $79,073.56
  • EVP, General Counsel & Secretary Marc Lawrence-Apfelbaum sold 1,394 shares of TWC stock on 04/05/2010 at the average price of $53.32 — $74,328.08

In total, for just the months of April and May and the first week of June, seven executives have extracted more than $8.5 million dollars for themselves.

You got a rate increase to help make all that possible.

Currently there is 1 comment on this Article:

  1. Duffin says:

    It is so infuriating that we can’t do much about this. In most areas, there isn’t an alternative, so it’s not possible to “vote” with your wallet. And most politicians would rather take the cable’s money than help the people who voted them in get fair competition. How do you keep from getting so disillusioned that you just give up?

Search This Site:

Contributions:

Recent Comments:

  • arby: Such a pain to get a better deal. But better than when Cable was a Monopoly and there were no other choices. I am in the middle of a 2 year deal...
  • doug: not for Fort Collins, is this just a short delay or no increase at all? I am in Fort Collins and have been waiting for this upgrade. arggg....
  • Linda: AGREE! We shouldn't be paying extra for ECHO....
  • JC: I didn't do this on purpose but it worked: Comcast came to my door - I usually politely listen but say no thanks. But I listen to see what they mi...
  • Ben: Had: U200, Max Turbo 24MBs, 2 Additional TV Recievers, $129+tax called just now, 1st year promotional price ends in 3 days. Now (with one year c...
  • fjfdybvfgj: What TW wants to do is keep it a secret so that they can pocket 90% of the money and say it wasn't enough to connect the rural areas. We shouldn't spe...
  • Howie: I feel that the taxpayers of New York State have the right to know how their tax money is being spent. If T-W wants to keep how it spends money on i...
  • AC: What I'd love to see is the total amount of federal money AT&T received and the promises they were to have done by now....
  • Seattle: They doubled the download speed but not the upload. So now my speed is 100-120 down but only 10 up....
  • Paul Houle: This the kind of "leadership" we are getting out of Cuomo, unfortunately. It reminds me of his "bold" initiative to bring more gambling to NY, so...
  • fjfdybvfgj: The Data Usage represented is usually the norm for most people by themselves. In a family of 5 and our usage is usually around 6TBs normally and is ~9...
  • Bryan: Awesome article Just got 12MB and U-200 with HD included free for $93 a month. Also made them throw in movie channels for a month free....

Your Account: