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For six years, the Internet Nexus served as my technology blog, but I've since started blogging at the SuperSite Blog instead. If you're looking for the blog, please head there. --Paul

Friday, July 13, 2007

Microsoft's Bach sold stock as Xbox woes surfaced

While this one pretty much stands on its own, I will at least point out that Microsoft had to know about rampant problems with the Xbox 360 for quite some time before it announced the new warranty program:

The Microsoft Corp. executive in charge of the Xbox video-game console sold $6.2 million worth of company stock during a period when technical issues with the product were becoming a major concern, according to regulatory filings.

Microsoft said July 5 that it will take a charge of up to $1.15 billion to its fourth-quarter earnings to address what it called an "unacceptable" number of Xbox repairs.

"In the last couple of months, we started to see significant increases in repair requests ... and significant attention from people," Robbie Bach, president of the entertainment and devices unit that includes the Xbox, said during a conference call with analysts at the time. "So we geared up to respond to that."

According to a review of filings with the Securities and Exchange Commission, Bach sold $6.2 million in stock in the period between May 2 and last week's announcement. That followed an eight-month period when he sold no company shares, according to filings.

Bach's most recent insider sales came between May 25 and May 30.

Anyone else have a problem with this?

Labels: Video games, Xbox 360

[ Posted at 5:11 PM | Permalink ]