" /> Cashing in On Your Time Warner Cable Rate Increase: Top Executives Sell Shares, Earning Millions | Stop the Cap!

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.

Share

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:

  • Dave Hancock: great reporting Phillip!!...
  • tour thai lan gia re 2013: WOW just what I was looking for. Came here by searching for tour thái lan giá rẻ từ hà nội...
  • Duffin: Yep, Cincinnati Bell has been sending out Tweets and emails about this. 100% increase. Greedy bastards....
  • Paul Houle: I don't know the last time I've seen a TV ad that wasn't for reverse mortgages or mobility aids....
  • jane dough: I just found this and I can explain it all as it's happened to me TWICE -- once in 2008 and again in 2010. The problems isn't in the box, it's in Tim...
  • innovate: It will not provide more customers Verizon FiOS service anymore. Please make sure that Verizon provides better and reliable Fibre optic services to ev...
  • Phillip Dampier: Same advice as below. Contact the BBB and file a complaint. We see that usually succeed in getting rebate problems straightened out....
  • Phillip Dampier: Go to the Better Business Bureau website, look up Comcast and file a complaint there online. You'll get a senior rep contacting you and most likely cr...
  • dan: I sat Down with bhn rep in person for each 1gb connection was $2000 a month....
  • bree: I got the run around also. I emailed and called many times and Comcast still will not give me my rebate. Comcast is hands down the worst at honorin...
  • JayS: With the change to digital Tv and the advent of 'sub-channels', the rule about not owning more than two stations in a given Tv market has me confused....
  • James Cieloha: I know about the history of David Smith, Barry Faber, David Amy, and Sinclair: David Smith, Barry Faber, and David Amy with all of their colleagues...

Your Account: